In a significant development in an ongoing legal battle,JPMorgan Chase & Co.has publicly acknowledged for the first time that it closed banking accounts held byDonald Trumpand several of his affiliated businesses in the months after the January 6, 2021 insurrection at the U.S. Capitol. The confirmation came in a recent court filing in which the bank responded to Trump’s $5 billion lawsuit alleging that the closures were politically motivated and caused substantial disruption to his business operations.
According to the legal documents, JPMorgan notified Trump in February 2021 that accounts held with its commercial bank (CB) and private bank (PB) divisions would be closed, marking a rare admission from a major financial institution about the handling of a high-profile client. Until now, the bank had never in writing confirmed it had taken such actions, previously only speaking in general terms about account closures.
Trump’s legal team claims this acknowledgment supports his argument that the bank engaged in unlawful “debanking” — a term used to describe the practice of terminating financial services based on a client’s political views or affiliations — and placed him and his businesses on a reputational “blacklist” used by financial institutions. JPMorgan, meanwhile, has sought to move the case to federal court and maintains that the lawsuit lacks merit, asserting that banks close relationships when they no longer align with their risk or business interests.
This dispute has ignited debate over the role of major banks in political and public life, with critics warning of the broader implications for access to financial services and supporters arguing for stronger legal protections against partisan treatment in lending and banking.
