After years of denying it, JPMorgan Chase has now publicly admitted that it closed down President Donald Trump’s bank accounts and other business accounts weeks after the Jan. 6, 2021 riot at the U.S. Capitol building.
The Associated Press reported that the company made the admission in a recent court filing related to Trump’s $5 billion lawsuit against the company. The president alleges that the banking giant and CEO Jamie Dimon debanked him over politics.
From NBC News:
Until now, JPMorgan has never admitted it closed the president’s accounts in writing after Jan. 6. The bank would only speak hypothetically about when the bank closes accounts and its reasons for closing accounts, citing bank privacy laws.
A spokeswoman for the bank declined to comment beyond what the bank said in its legal filings.
Trump originally sued JPMorgan in Florida state court, where Trump’s primary residence is now located. The filings this week are part of an effort by JPMorgan Chase to have the case both moved from state to federal court and to have the jurisdiction of the case moved to New York, which is where the bank accounts were located and where Trump kept much of his business operations until recently.
Trump originally accused the bank of trade libel and violating state and federal unfair and deceptive trade practices.
In the original lawsuit, Trump said he tried to raise the issue personally with Dimon after the bank sent him notices that JPMorgan would close his accounts, and that Dimon assured Trump he would figure out what was happening. The lawsuit alleges Dimon failed to follow up with Trump.
President Trump just announced he is going to sue JP Morgan for wrongfully debanking the Trump Family after his first presidency.
— ᶜᵒᵐᵐᵉᶰᵗᵃʳʸ John F. Kennedy Jr. (@Real_JFK_Jr_) January 18, 2026
You do not mess with the Don. 🇺🇸 pic.twitter.com/1L0aabLOQX
In the filing, JPMorgan chief administrative officer Dan Wilkening wrote, “in February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB and PB would be closed,” referring to Trump’s commercial and private account.
He further stated that the bank told Trump that it determined their interests were “no longer served by maintaining a relationship” and that it would “need to end our current relationship,” according to Fox Business.
JPMorgan has tried to avoid the matter, refusing to confirm whether it closed Trump’s accounts because of political concerns. It cited client confidentiality and asserted it can terminate relationships with clients. Yet, the bank still insists it ‘does not close accounts for political or religious reasons,” and claims it acted under long-standing contractual rights that allow the bank or client to end the relationship with notice.
Trump filed the lawsuit in Miami-Dade County initially. It was later moved to federal court. The president accuses JPMorgan Chase of trade libel and unfair and deceptive trade practices. It notes that the bank gave Trump and his companies 60 days’ notice to close dozens of personal and commercial accounts. The lawsuit claims JPMorgan was driven by concerns about “reputational risk.” He further alleges that the bank placed his companies on a “blacklist” circulated among other financial institutions to debank him.
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