- JPMorgan says it closed Trump accounts February 2021.
- Closures followed January 6 Capitol attack.
- Disclosure came in response to Trump lawsuit.
- Case may move from Florida to New York.
JPMorgan Chase has acknowledged that it shut down more than 50 accounts linked to President Donald Trump and his businesses in February 2021, shortly after the Jan. 6 attack on the U.S. Capitol, according to court filings responding to a lawsuit brought by the president and the Trump Organization.
The disclosure marks the first time the nation's largest bank has publicly confirmed the action, validating a claim Trump has repeated for years that major financial institutions "debanked" him following the unrest at the Capitol on Jan. 6, 2021.
The accounts included personal and business relationships tied to Trump hotels, residential developments and retail properties in Illinois, Florida and New York, as well as his private banking relationship, which managed inheritance assets from his father. The confirmation was made in letters filed to the court late Friday.
Court Filing Details Account Closures
In one unsigned letter dated Feb. 19, 2021, JPMorgan informed Trump that he would need to "find a more suitable institution with which to conduct business." The correspondence did not provide a specific explanation for the decision. The bank similarly did not elaborate in its court response on the rationale behind closing the accounts.
Trump's lawsuit, filed last month, names JPMorgan Chief Executive Jamie Dimon as a defendant. The complaint alleges the bank placed Trump on a blacklist because it "needed to distance itself from President Trump and his conservative political views." The legal action also references prior disputes involving other financial institutions.
In earlier public statements, JPMorgan described the lawsuit as lacking merit but did not address whether it had closed Trump-related accounts. A spokeswoman said at the time that, as a rule, the bank closes accounts "because they create legal or regulatory risk for the company." The bank did not immediately respond to additional requests for comment following the latest filing.
The timing of the closures — weeks after Trump left office and shortly after the Capitol riot — is central to the lawsuit. The bank's acknowledgment now places the matter squarely within the court record.
Broader Debate Over 'Debanking'
The dispute has drawn attention beyond the immediate parties, feeding into a broader debate over so-called "debanking," the practice of terminating client relationships deemed to pose reputational, legal or regulatory risk. Trump has frequently cited his personal experience while advocating for tighter scrutiny of how banks apply such standards.
Bank executives have argued that federal regulations require institutions to assess clients for potential compliance exposure. Rules designed to prevent money laundering and financial crimes mandate ongoing monitoring of accounts, with penalties for institutions that fail to manage risk appropriately.
Trump's legal team said in a statement, "President Trump is standing up for all those wrongly debanked by JPMorgan Chase and their cohorts, and will see this case to a just and proper conclusion." The case was initially filed in Florida state court, where Trump has had litigation success in other matters.
This week, JPMorgan petitioned to move the case to federal court in New York, arguing that jurisdiction is more appropriate given the bank's headquarters and the contractual relationships involved. The procedural motion sets the stage for further legal wrangling over venue before substantive arguments are heard.
The outcome could carry implications for how financial institutions balance regulatory obligations with reputational considerations, particularly when dealing with politically exposed clients.
Legal And Industry Implications
The closure of more than 50 accounts underscores the scale of the action taken by the bank. The filings indicate that both commercial and personal accounts were affected, covering hospitality, real estate and retail operations across multiple states.
Industry analysts note that large banks typically conduct periodic reviews of high-profile accounts, especially those connected to political figures. Decisions to terminate relationships are often based on internal risk assessments, though institutions rarely disclose detailed reasoning due to confidentiality and compliance protocols.
JPMorgan's acknowledgment does not specify whether the account closures were prompted by internal compliance reviews, external regulatory guidance or reputational concerns linked to the events of Jan. 6. The Supreme Court and other judicial bodies are not directly involved in this case, which centers on contractual and tort claims rather than constitutional questions.
As the litigation proceeds, courts will examine whether the bank's actions violated contractual obligations or anti-discrimination statutes, as alleged in the complaint. JPMorgan has maintained that its decisions complied with applicable laws and policies.
For now, the confirmation that Trump's accounts were closed in February 2021 resolves a factual dispute that had lingered in public debate. The legal arguments over motive and liability remain ahead, with both sides preparing for a potentially extended court battle.
FAQs
Why did JPMorgan close Trump's bank accounts after Jan. 6?
JPMorgan said it shut more than 50 Trump-related accounts in February 2021 but did not give a specific reason in court filings. The bank has previously said it closes accounts that create legal or regulatory risk.
How many Trump accounts were closed by JPMorgan?
Court letters show that over 50 accounts were cut off shortly after Trump left office in 2021. These included personal accounts and business accounts tied to hotels, housing developments and retail properties.
What is Trump alleging in his lawsuit against JPMorgan?
Trump and the Trump Organization claim the bank blacklisted him for political reasons and sought to distance itself from his views. The lawsuit names CEO Jamie Dimon and accuses the bank of improper "debanking."
When were Trump's accounts terminated by JPMorgan?
The accounts were closed in February 2021, weeks after the Jan. 6 Capitol attack and the end of Trump's first term. A letter dated Feb. 19, 2021, informed him he needed to find another banking institution.
What impact could the case have on U.S. banking rules?
The dispute has fueled broader debate over "debanking" and regulatory scrutiny of clients for reputational risk. Bank executives have cited the issue while pushing for looser federal enforcement standards.
