JPMorgan Admits to Closing Trump's Accounts Following Capitol Riot
JPMorgan Chase has confirmed it closed the accounts of Donald Trump and several of his businesses after the January 6, 2021, Capitol attack. This revelation comes as part of a legal battle stemming from Trump's allegations of political motivations behind the closures.
The bank's admission surfaced in a recent court filing related to Trump's $5 billion lawsuit against JPMorgan and its CEO, Jamie Dimon. In the document, Dan Wilkening, former chief administrative officer at JPMorgan, stated, “In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB and PB would be closed.” The abbreviations refer to the bank's commercial and private banking divisions.
A letter dated February 19, 2021, addressed to Trump, suggested he “find a more suitable institution with which to conduct business.” The communication indicated a formal end to their banking relationship.
Prior to this acknowledgment, JPMorgan had refrained from confirming the closure of Trump's accounts, often discussing account closures in hypothetical terms. The bank previously asserted it does not close accounts based on political or religious grounds but rather due to legal or regulatory risks.
Trump's lawsuit was initially filed in Florida, where he resides at Mar-a-Lago. JPMorgan is attempting to transfer the case to federal court in New York, where the accounts were held and where Trump managed many of his business operations.
In his allegations, Trump claims he sought clarification from Dimon regarding the account closures, asserting that Dimon promised to investigate the matter but failed to follow through. Furthermore, Trump's legal team contends that JPMorgan placed him and his businesses on a reputational “blacklist,” which other banks utilize to deny future account openings.
JPMorgan maintains that the lawsuit lacks merit. The term “debanking” refers to the practice of closing customer accounts or denying services such as loans. Once a niche issue in finance, it has gained political significance as some right-wing figures argue that banks discriminate against them.
Trump's lawyers stated, “In a devastating concession that proves President Trump’s entire claim, JPMorgan Chase admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm.” They emphasized that Trump is advocating for others who have faced similar treatment from JPMorgan.
The issue of debanking gained national attention when right-wing figures accused the Obama administration of pressuring banks to limit services to certain businesses under “Operation Choke Point.” Following the January 6 events, Trump and his supporters alleged that banks cut ties with them citing “reputational risk.”
In response to these concerns, banking regulators have moved to prevent banks from using reputational risk as a justification for denying services. This lawsuit is not Trump's first encounter with major banks over similar allegations; he previously sued Capital One in March 2025 for comparable reasons, with that case still pending.
