JPMorgan concedes it closed Trump’s accounts after Jan. 6 attack

The acknowledgment came in a court filing submitted this week in Trump's lawsuit against the bank and its leader, Jamie Dimon.

“In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB and PB would be closed,” JPMorgan's former chief administrative officer Dan Wilkening wrote in the court filing. The “PB” and “CB” stands for JPMorgan's private bank and commercial bank.

In a letter to Trump submitted to the court Friday, dated February 19, 2021, the bank said it was recommending that he “find a more suitable institution with which to conduct business.”

“With that in mind, this letter is to respectfully inform you that we will need to end our current relationship,” the letter to Trump said.

Until now, JPMorgan has never admitted it closed the president's accounts, and would only speak hypothetically about when the bank closes accounts and its reasons for closing accounts.

In a previous statement, the bank said it “does not close accounts for political or religious reasons” but does do so when accounts “create legal or regulatory risk for the company.”

Trump originally sued JPMorgan in Florida state court, where Trump's primary residence is now located. JPMorgan Chase is looking to have the case moved to New York, which is where the bank accounts were located and where Trump kept much of his business operations until recently.

Trump accuses the bank of trade libel and accuses Dimon himself of violating Florida’s Unfair and Deceptive Trade Practices Act.

In the original lawsuit, Trump alleges he tried to raise the issue personally with Dimon after the bank started to close his accounts, and that Dimon assured Trump he would figure out what was happening. The lawsuit alleges Dimon failed to follow up with Trump.

Further, Trump’s lawyers allege that JPMorgan placed the president and his companies on a reputational “blacklist” that both JPMorgan and other banks use to keep clients from opening accounts with them in the future.

JPMorgan previously said it believes the suit has no merit.

Debanking occurs when a bank closes the accounts of a customer or refuses to do business with a customer in the form of loans or other services. Once a relatively obscure issue in finance, debanking has become a politically charged issue in recent years, with conservative politicians arguing that banks have discriminated against them and their affiliated interests.

“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,” the president's lawyers said in a statement. 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.”

Debanking first became a national issue when conservatives accused the Obama administration of pressuring banks to stop extending services to gun stores and payday lenders under “Operation Choke Point.”

Trump and other conservative figures have alleged that banks cut them off from their accounts under the umbrella term of “reputational risk” after the Jan. 6, 2021, attack on the U.S. Capitol. Since Trump came back into office, the president’s banking regulators have moved to stop any banks from using “reputational risk” as a reason for denying service to customers.

This is not the first lawsuit Trump has filed against a big bank alleging that he was debanked. The Trump Organization sued credit card giant Capital One in March 2025 for similar reasons and allegations. The case is ongoing.