JPMorgan Admits Closing Trump Accounts After Jan. 6 Riot
Court filing shows JPMorgan told Trump and his businesses in February 2021 it would close accounts, prompting a $5 billion lawsuit alleging political 'debanking.'
Overview
Dan Wilkening wrote in a court filing that in February 2021 JPMorgan informed President Donald Trump and several of his businesses that certain accounts would be closed.
The admission came in response to a $5 billion lawsuit filed by Trump and his companies alleging the bank unlawfully 'debanked' them for political reasons.
Trump's lawyers said the admission proves unlawful and intentional debanking and accused JPMorgan and CEO Jamie Dimon of causing financial harm, while the bank said the lawsuit has no merit.
Letters dated Feb. 19, 2021 gave Trump and his companies until April 19, 2021 to transfer funds, and filings say JPMorgan closed more than 50 Trump accounts tied to hotels, housing developments and retail properties.
JPMorgan has asked a court to move the case from Florida state court to federal court in New York, and Trump also sued Capital One in March 2025 with similar debanking allegations.
Analysis
Center-leaning sources report this story largely neutrally, relying on court filings and attributed statements. They present JPMorgan’s admission, the bank’s legal posture, and Trump’s lawyers’ claims while adding factual context on “debanking” and regulatory responses. Editorial language is restrained; charged language appears as quoted source content rather than reporter-driven framing.
Sources (7)
FAQ
JPMorgan did not provide a specific reason in the February 19, 2021 letters, stating only that a client's interests may no longer be served by maintaining the relationship.
Trump alleges that JPMorgan unlawfully and intentionally 'debanked' him, his family, and businesses for political reasons after the Jan. 6, 2021 Capitol riot, causing financial harm.
JPMorgan closed more than 50 Trump accounts tied to hotels, housing developments, and retail properties.
Trump and his companies were given until April 19, 2021, to transfer hundreds of millions of dollars from the accounts before they were officially closed.
Yes, Trump sued Capital One in March 2025 with similar debanking allegations.
History
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