New court filings reveal that JPMorgan Chase closed dozens of President Donald Trump’s personal and business bank accounts shortly after the Jan. 6, 2021, Capitol protest, a move that has sparked outrage among conservatives.
The disclosure came as part of a $5B lawsuit Trump filed last month against the bank and its CEO, Jamie Dimon.
According to documents released during discovery, Chase sent Trump two letters dated Feb. 19, 2021, notifying him that it would end its banking relationship.
The letters reportedly did not cite a specific reason for the account closures. Instead, they stated that at times the bank may determine that a client’s interests “are no longer served by maintaining a relationship” with the firm.
Trump was given two months to transfer his assets to another financial institution.
A spokesperson for Trump’s legal team told Reuters that the letters represent a “devastating concession” proving the president’s claim that the bank unlawfully de-banked him and his businesses for political reasons.
In the complaint, Trump’s attorneys argue that the decision was motivated by “political and social motivations” and what they described as the bank’s “woke” beliefs.
They claim Trump suffered financial and reputational harm by being forced to seek alternative banking arrangements.
JPMorgan has previously said the lawsuit lacks merit. The bank has filed motions seeking to transfer the case from the state court in Florida to federal court and, ultimately, to New York, where many of the accounts were based.
Conservatives reacted strongly to the revelation. Former Ted Cruz aide Steve Guest wrote that if the nation’s largest bank could de-bank a sitting or former president, it could happen to anyone.
Trump strategist Jason Miller responded with a blunt social media post expressing disbelief.
The episode adds to the long-running, often tense relationship between Trump and Dimon, per the Daily Mail.
Over the years, Dimon has publicly criticized Trump’s economic positions, including comments about the debt ceiling. In 2024, Dimon backed Nikki Haley during the GOP primary, drawing criticism from Trump.
At the same time, JPMorgan donated $1M to Trump’s second inauguration, alongside other major corporate contributors.
Trump’s lawsuit also raises legal questions about whether federally regulated banking executives can be held personally liable under state consumer protection laws. JPMorgan’s legal team argues that such claims are barred under federal exemptions.
The case is ongoing.
At its core, the dispute centers on whether a private financial institution made a routine business decision or whether political considerations influenced the closure of a former president’s accounts in the aftermath of Jan. 6.
