JPMorgan has admitted to closing Trump accounts after the January 6 attack

Jan 6, 2021 Attacks on US capital, latest development in legal saga over controversial “debanking” practice Jan 6, 2021 JPMorgan Chase admits for the first time that it has closed the bank accounts of US President Donald Trump and several of his businesses in political and legal fallout.

The admission came in a court filing filed this week in Mr. Trump’s lawsuit against the bank and its leader, Jamie Dimon. The president sued for $5 billion, his accounts were closed for political reasons, and his business operations were disrupted.

“In February 2021, JP Morgan informed plaintiffs that certain accounts maintained with JP Morgan’s CB and PB would be closed,” Dan Wilkening, JPMorgan’s former chief administrative officer, wrote in a court filing. “PB” and “CB” mean JPMorgan’s private bank and commercial bank.

Until now, JPMorgan has never acknowledged closing the president’s accounts and has only speculated about when the bank would close the accounts and the reasons for closing the accounts.

Emails and text messages to a bank representative were not returned.

Mr. Trump originally sued JP Morgan in Florida state court, where Mr. Trump has a primary residence. JPMorgan Chase is looking to move the case to New York, where the bank accounts and Mr. Trump kept most of his business activities to himself until recently.

Mr. Trump accused the bank of trade defamation and accused Mr. Dimon himself of violating Florida’s Unfair and Deceptive Trade Practices Act.

In the original lawsuit, Mr. Trump alleged that he tried to raise the issue with Mr. Dimon personally after the bank began closing his accounts, and that Mr. Dimon assured Mr. Trump that he would know what was going on. The lawsuit alleges that Mr. Dimon failed to follow up with Mr. Trump.

Furthermore, Mr. Trump’s lawyers have accused JPMorgan of placing the president and his companies on a popular “black list,” which both JPMorgan and other banks use to keep clients from opening accounts in the future.

JPMorgan has previously said it believes the lawsuit has no merit.

Debanking occurs when a bank closes a customer’s accounts or refuses to do business with the customer in the form of loans or other services. Once a relatively obscure issue in finance, debanking has become a politically charged issue in recent years, with conservative politicians arguing that banks discriminate against them and their affiliated interests.

“In a devastating concession that vindicates President Trump’s entire argument, JPMorgan Chase admitted that it illegally and intentionally de-banked President Trump, his family and his businesses, causing tremendous financial harm,” the president’s lawyers said in a statement.

President Trump stands by all those who have been wrongfully let down by JPMorgan Chase and its associates and will see this case to a just and proper conclusion.

Debanking first became a national issue when conservatives accused the Obama administration of pressuring banks to stop expanding services to gun shops and payday lenders under “Operation Choke Point.”

After the January 6, 2021 attack on the US capital, Mr. Trump and other conservative figures have charged. Mr. Since Trump returned to office, the president’s banking regulators have moved to stop any banks from using “reputational risk” to deny service to customers.

This is not the first time Trump has sued a major bank for allegedly debanking him. The Trump Organization sued credit card giant Capital One in March 2025 with similar grounds and allegations. The case is ongoing.