Bank admits for the first time in court filings
NEW YORK — JPMorgan Chase has confirmed for the first time that it closed the bank accounts of President Donald Trump and several related businesses in February 2021, following the January 6, 2021 incident at the U.S. Capitol.
The information was revealed in court filings submitted this week, relating to the $5 billion lawsuit filed by President Trump against the bank and CEO Jamie Dimon.
In the court document, former JPMorgan Chief Administrative Officer Dan Wilkening wrote:
"In February 2021, JPMorgan informed the plaintiff that certain accounts maintained within the private bank and commercial bank would be closed."
Previously, the bank had only responded hypothetically about the account closure process and had not acknowledged Mr. Trump's specific case.
President Trump sues for $5 billion in damages
President Trump filed the lawsuit in Florida, where he maintains his primary residence. JPMorgan is proposing to transfer the case to a New York court, where the accounts were located and which was once the center of his main business operations.
The lawsuit alleges that JPMorgan closed the accounts for political motives, causing business disruption, commercial defamation, and violating Florida's Deceptive and Unfair Trade Practices Act.
President Trump's lawyers further argue that JPMorgan placed him and his companies on a "reputational blacklist," making it more difficult to open accounts with other banks. JPMorgan previously asserted that the lawsuit "lacks merit."
Debate over the "debanking" phenomenon
The case comes amid a growing debate over the "debanking" phenomenon — where banks close accounts or refuse to provide services citing reputational risk.
After the January 6, 2021 event at the Capitol, many conservative figures and organizations reported being cut off from financial services by institutions for political reasons. Upon returning to the White House, President Trump instructed bank regulators to cease using "reputational risk" as a basis for denying financial services.
Previously, the Trump Organization also sued Capital One bank in March 2025 with similar allegations. This lawsuit is still under court review.
Broader context
The debate over debanking previously erupted during the Obama administration with "Operation Choke Point," where some conservative politicians accused the government of pressuring banks to stop serving gun stores and high-interest lenders.
The lawsuit between President Trump and JPMorgan Chase has now become a new focal point in the debate over access to financial services and the boundary between corporate risk management and political motivation. Further developments in the case are expected to be closely monitored in the coming period.
