JPMorgan Chase has acknowledged that it closed bank accounts linked to Donald Trump following the January 6, 2021 Capitol riot, according to a recent court filing tied to a $5 billion lawsuit filed by the president.
The legal dispute, filed in Florida state court, accuses the bank and its chief executive of politically motivated “debanking.” Trump’s attorneys claim the institution placed him and affiliated businesses on a financial “blacklist.” They argue the closures amounted to unlawful political discrimination.
In a sworn filing, a senior JPMorgan executive confirmed that the bank notified Trump and several hospitality entities in February 2021 that certain accounts would be terminated. Letters dated February 19, 2021, informed The Trump Corporation and related entities that the banking relationship would end.
One letter stated that the bank had decided to close its relationship with The Trump Corporation and affiliated businesses. Another letter sent directly to Trump said the bank determined that maintaining the relationship no longer served the client’s interests.
According to the filing, the bank worked with Trump and his companies to transfer remaining balances to other institutions. The accounts reportedly held hundreds of millions of dollars. Trump and his entities were given until April 19, 2021, to move the funds before formal closure.
The lawsuit also names Jamie Dimon, chief executive of JPMorgan Chase. Trump’s legal team alleges trade libel, violations of Florida’s unfair and deceptive trade practices law, and breach of implied covenant of good faith. They are seeking damages and a jury trial.
JPMorgan has not publicly detailed the specific reason for the closures in its correspondence. However, account agreements submitted to the court show the bank reserves the right to terminate relationships with or without cause, typically with at least 30 days’ notice.
The agreements also allow closures based on regulatory requirements, contract breaches, insolvency, or activities believed to violate internal policies. JPMorgan’s policies emphasize anti-money laundering compliance, sanctions enforcement, and broader risk management standards.
Trump’s attorneys argue that the timing of the closures, shortly after the Capitol riot, supports their claim of political motivation. They contend the decision caused significant financial and reputational harm.
The case adds to a broader national debate over financial institutions and access to banking services. As the litigation proceeds, the court will determine whether the closures fell within contractual rights or constituted unlawful discrimination.
