JPMorgan Chase acknowledged in a court filing that it closed bank accounts tied to President Donald Trump after the January 6 Capitol protests.
The admission appeared as part of the bank’s response to a lawsuit filed by Mr. Trump and the Trump Organization.
Scope of the closures
Court filings show more than 50 accounts were closed in February 2021, including personal private banking relationships and commercial accounts linked to family members and Trump Organization entities.
The terminated accounts covered hotels, housing developments, retail properties and hospitality businesses in Illinois, Florida and New York.
Copies of notification letters dated February 19, 2021 were attached to court papers filed on February 20.
Those letters told Trump and the Trump Organization that the accounts would be closed and advised them to seek banking services elsewhere.
One letter said the bank can sometimes “determine that a client’s interests are no longer served by maintaining a relationship with J.P. Morgan Private Bank.”
The correspondence did not state a specific reason for the terminations.
Lawsuit and allegations
The Miami-Dade County state court complaint seeks at least $5 billion in damages and names JPMorgan and CEO Jamie Dimon as defendants.
The suit alleges the closures were politically motivated “debanking” intended to distance the bank from Mr. Trump and his conservative views after the Capitol events.
Plaintiffs say the bank violated its own policies, placed Mr. Trump on an internal reputational blacklist that affected access at other institutions, and caused significant financial and reputational harm.
Trump’s attorneys described the bank’s filing as a “devastating concession” that supports their claims.
JPMorgan maintains the lawsuit is without merit and is seeking to transfer the case to federal court in New York, citing ties to where many accounts and business activities were based.
Allegations about regulators
An August 2025 New York Post report cited in related coverage says Biden administration banking regulators and the Federal Reserve pressured major banks to take action against political opponents.
The report says those pressures resulted in tens of millions of dollars in Trump holdings being removed from JPMorgan’s platform and later a denial of access at other banks.
The firms were warned they could be found in violation of a rule prohibiting business with entities that present a “reputational risk,” according to the report.
Bank officials quoted by the article said the nebulous guidance was used to expand enforcement beyond drug kingpins and criminals to target political opponents.
The coming court proceedings will decide whether the bank’s actions amounted to unlawful political discrimination or legitimate risk management.
