JPMorgan Admits To Shutting Down Trump’s Accounts After January 6 Protests
JPMorgan Chase confirmed in a recent legal filing that it did indeed shut down President Donald Trump’s bank accounts following the January 6 Capitol protests. The president has long accused the financial institution of doing so and has taken legal action, which led to the admission.
Recent filings confirm that the institution closed more than 50 bank accounts linked to President Donald Trump, members of his family, and multiple Trump Organization entities in February 2021. The disclosure occurred as part of the bank’s response to a lawsuit filed against it and CEO Jamie Dimon.
The accounts, which included personal private banking relationships and commercial holdings for hotels, housing developments, retail properties in Illinois, Florida, and New York, and hospitality businesses, were terminated approximately one month after the January 6 Capitol protests.
Court documents filed on February 20 included copies of notification letters dated February 19, 2021. In those letters, the bank informed Trump and the Trump Organization that the accounts would be closed, directing the recipients to seek banking services elsewhere.
One letter stated that the bank can sometimes “determine that a client’s interests are no longer served by maintaining a relationship with J.P. Morgan Private Bank.” No specific reason for the terminations was provided in the correspondence.
“In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB [commercial bank] and PB [private bank] would be closed,” another filing from a former JPMorgan chief administrative officer stated.
The confirmation marks the first time JPMorgan has explicitly acknowledged the closures in written court records tied to this matter. Previously, the bank had spoken only hypothetically about account terminations, citing privacy considerations and stating that it does not close accounts for political or religious reasons.
The acknowledgement comes after Trump and the Trump Organization filed a lawsuit against the in Miami-Dade County state court last month.
The complaint seeks at least $5 billion in damages and names both the bank and Dimon as defendants. It alleges that the account closures constituted politically motivated “debanking,” asserting that the bank acted to distance itself from Trump and his conservative views in the aftermath of the Capitol events.
It further claims the terminations violated the bank’s own policies, placed Trump on an internal reputational blacklist that affected access to services at other institutions, and inflicted substantial financial and reputational harm. In addition, it stated that Trump contacted Dimon directly about the issue and received assurances that the matter would be reviewed, but no corrective action followed.
Trump’s legal representatives described the bank’s filing as “a devastating concession that proves President Trump’s entire claim,” contending that JPMorgan has now admitted to unlawfully and intentionally debanking Trump, his family, and his businesses.JPMorgan has maintained that the lawsuit is without merit. The bank is seeking to transfer the case from Florida state court to federal court in New York, arguing that the dispute has strong ties to New York, where the accounts were primarily held and where significant portions of Trump’s business activities have been based.
According to an August 2025 report from the New York Post, the Biden Administration’s banking regulators and the Federal Reserve pressured major financial firms to take action against its political opponents. The pressure resulted in tens of millions of dollars in Trump’s holdings being kicked off the JPMorgan banking platform, and later to a denial of access to Bank of America’s banking services.
Specifically, the firms were warned that they could be found in violation of a rule that prohibits financial institutions from doing business with individuals and companies who present a “reputational risk.” Senior officials at the banks told The Post that Biden regulators with the Office of the Comptroller of the Currency, the FDIC and the Federal Reserve often use the “nebulous nature of the edict” to expand upon debunking drug kingpins and criminals to target the administration’s political opponents going forward.