JPMorgan admits it shuttered Trump’s accounts following Jan. 6 Capitol

JPMorgan admits it shuttered Trump’s accounts following Jan. 6 Capitol

JPMorgan Chase acknowledged for the first time that it closed the financial institution accounts of President Donald Trump and a number of other of his companies in the political and authorized aftermath of the Jan. 6, 2021 assaults on the U.S. Capitol, the latest development in a authorized saga over the controversial apply of “debanking.”

The acknowledgment got here in a court docket submitting submitted this week in Trump’s lawsuit against the financial institution and its chief, Jamie Dimon. The president sued for $5 billion, alleging that his accounts had been closed for political causes, disrupting his enterprise operations.

“In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB and PB would be closed,” JPMorgan’s former chief administrative officer Dan Wilkening wrote in the court docket submitting. The “PB” and “CB” stands for JPMorgan’s personal financial institution and business financial institution.

JPMorgan Chase Building, constructing exterior entrance element, 270 Park Avenue, Manhattan, New York City, New York, USA. UCG/Universal Images Group by way of Getty Images

Until now, JPMorgan has never admitted it closed the president’s accounts, and would only converse hypothetically about when the financial institution closes accounts and its causes for closing accounts.

Emails and textual content messages to a spokesman for the financial institution weren’t returned.

Trump initially sued JPMorgan in Florida state court docket, the place Trump’s major residence is now situated. JPMorgan Chase is seeking to have the case moved to New York, which is the place the financial institution accounts had been situated and the place Trump stored a lot of his enterprise operations until lately.

Trump accuses the financial institution of commerce libel and accuses Dimon himself of violating Florida’s Unfair and Deceptive Trade Practices Act.

In the authentic lawsuit, Trump alleges he tried to lift the issue personally with Dimon after the financial institution began to shut his accounts, and that Dimon assured Trump he would determine out what was occurring. The lawsuit alleges Dimon didn’t observe up with Trump.

Further, Trump’s attorneys allege that JPMorgan positioned the president and his corporations on a reputational “blacklist” that each JPMorgan and other banks use to maintain purchasers from opening accounts with them in the future.

U.S. President Donald Trump speaks at a press briefing at the White House, following the Supreme Court’s ruling that he had exceeded his authority when he imposed tariffs, in Washington, D.C., U.S., February 20, 2026. REUTERS

JPMorgan has beforehand said it believes the go well with has no advantage.

Debanking happens when a financial institution closes the accounts of a buyer or refuses to do enterprise with a buyer in the type of loans or other companies. Once a comparatively obscure issue in finance, debanking has turn into a politically charged issue lately, with conservative politicians arguing that banks have discriminated against them and their affiliated pursuits.

“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,” the president’s attorneys said in a press release. President Trump is standing up for all those wrongly debanked by JPMorgan Chase and its cohorts, and can see this case to a just and correct conclusion.”

The U.S. Capitol constructing is seen on February 17, 2026 in Washington, DC. Getty Images

Debanking first grew to become a national issue when conservatives accused the Obama administration of pressuring banks to cease extending companies to gun shops and payday lenders under “Operation Choke Point.”

Trump and other conservative figures have alleged that banks reduce them off from their accounts under the umbrella time period of “reputational risk” after the Jan. 6, 2021, assault on the U.S. Capitol. Since Trump got here again into workplace, the president’s banking regulators have moved to cease any banks from utilizing “reputational risk” as a purpose for denying service to prospects.

This is just not the first lawsuit Trump has filed against a big financial institution alleging that he was debanked. The Trump Organization sued bank card big Capital One in March 2025 for comparable causes and allegations. The case is ongoing.

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