JPMorgan Admits Closing Trump Bank Accounts Following Capitol Attack

JPMorgan Chase has officially confirmed for the first time that it terminated Donald Trump's bank accounts and those of his businesses in February 2021, following the January 6th Capitol incident. This admission comes as part of Trump's $5 billion lawsuit against the banking giant, where he claims the account closures were politically motivated.

NEW YORK – For the first time, JPMorgan Chase has officially confirmed that it terminated bank accounts belonging to Donald Trump and his business enterprises following the January 6, 2021 Capitol riots, marking a significant development in the ongoing legal battle over the practice known as “debanking.”

The banking giant’s admission emerged through court documents filed this week as part of Trump’s $5 billion legal action against JPMorgan and CEO Jamie Dimon. The former president claims his accounts were shuttered for political reasons, causing significant disruption to his business operations.

According to the court filing, Dan Wilkening, JPMorgan’s former chief administrative officer, stated: “In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB and PB would be closed.” The abbreviations refer to the bank’s commercial banking and private banking divisions.

This marks the first time JPMorgan has directly acknowledged closing Trump’s accounts, having previously only discussed account closure policies in general terms without confirming specific actions.

Bank representatives did not respond to requests for comment regarding the court filing.

Trump initiated the legal proceedings in Florida state court, where he currently maintains his primary residence. However, JPMorgan is seeking to transfer the case to New York, citing the location of the original accounts and Trump’s former business headquarters.

The lawsuit includes charges of trade libel against the bank and accusations that Dimon violated Florida’s Unfair and Deceptive Trade Practices Act.

According to the legal filing, Trump attempted to address the account closures directly with Dimon, who allegedly promised to investigate the situation but never followed through with updates.

Trump’s legal team further alleges that JPMorgan added the former president and his companies to a reputation-based “blacklist” used by multiple financial institutions to prevent future account openings.

JPMorgan has maintained its position that the lawsuit lacks merit.

The practice of debanking – where financial institutions close customer accounts or refuse services like loans – has evolved from a relatively unknown banking procedure to a politically contentious issue. Conservative leaders argue that banks have unfairly targeted them and their associated organizations.

Trump’s attorneys issued a statement saying: “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. President Trump is standing up for all those wrongly debanked by JPMorgan Chase and its cohorts, and will see this case to a just and proper conclusion.”

The debanking controversy first gained national attention when conservative groups accused the Obama administration of pressuring banks to cease services to gun retailers and payday lending companies through “Operation Choke Point.”

Trump and other conservative figures claim banks severed their relationships using “reputational risk” justifications after the January 6th Capitol incident. Since returning to office, Trump’s banking regulators have implemented measures to prevent banks from using reputational risk as grounds for service denial.

This legal action represents Trump’s second major lawsuit against a large financial institution over debanking allegations. The Trump Organization filed a similar case against Capital One in March 2025, which remains pending.