JPMorgan Chase has confirmed that it terminated bank accounts belonging to former US resident Donald Trump and several businesses associated with him in the weeks following the 6 January 2021 attack on the US Capitol.
The bank’s disclosure was made through a recent court filing in response to an ongoing lawsuit brought by Trump against both JPMorgan and its CEO, Jamie Dimon.
Trump’s suit seeks $5bn in damages and claims that his accounts were closed due to political motivations, which he argues interrupted his business operations.
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After the Capitol events, various organisations distanced themselves from Trump, noted Reuters.
This included legal firms that had represented him and his company, as well as the PGA of America, which decided to relocate the 2022 PGA Championship away from Trump’s Bedminster golf club in New Jersey.
In letters sent on 19 February 2021, JPMorgan informed Trump and the Trump Organisation of its decision to end their banking relationship.
The correspondence did not cite a specific cause but stated that sometimes “a client’s interests are no longer served by maintaining a relationship with J.P. Morgan Private Bank.”
Lawyers for Trump allege that JPMorgan went further by placing both Trump and his businesses on a reputational “blacklist,” reportedly used by financial institutions to block future account openings.
Trump’s original legal filing took place in Florida state court, reflecting his current residence. JPMorgan has requested that proceedings move to New York, the location of the relevant accounts and much of Trump’s previous business activity.
In a statement, the president’s lawyers said: “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.
“President Trump is standing up for all those wrongly debanked by JPMorgan Chase and its cohorts, and will see this case to a just and proper conclusion.”
This case is one of several brought by Trump alleging unfair treatment by major banks. In March 2025, the Trump Organisation filed a separate case against Capital One over related claims, highlighted CNBC.
That lawsuit is ongoing.
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