JPMorgan admits it shut Trump's accounts after January 6 attack
What's the story
JPMorgan Chase has admitted to shutting down the bank accounts of US President Donald Trump and his businesses after the January 6, 2021 attacks on the US Capitol. The admission came in a court filing in response to Trump's $5 billion lawsuit against the bank and its CEO Jamie Dimon. Trump alleges his accounts were closed for political reasons, impacting his business operations.
Legal proceedings
'Certain accounts would be closed': Ex-JPMorgan executive
In the court filing, JPMorgan's former chief administrative officer Dan Wilkening confirmed that "certain accounts maintained with JPMorgan's CB and PB would be closed." The bank had previously only spoken hypothetically about account closures. Trump has accused JPMorgan of trade libel and Dimon of violating Florida's Unfair and Deceptive Trade Practices Act.
Lawsuit details
Trump claims he tried to discuss issue with Dimon
In his lawsuit, Trump claims he tried to discuss the issue with Dimon personally, but Dimon assured him he would figure out what was happening. His lawyers allege that JPMorgan placed him on a reputational "blacklist," preventing future account openings. The bank has previously maintained that the lawsuit lacks merit.
Banking controversy
Debanking has become a politically charged issue
Debanking, the practice of closing a customer's accounts or refusing services, has become a politically charged issue. Conservative politicians have claimed discrimination by banks under "reputational risk" after the January 6 Capitol attack. Trump's lawyers said JPMorgan's admission proves their claim of unlawful debanking, causing financial harm to Trump and his businesses.
Ongoing lawsuits
Trump previously sued Capital One over similar allegations
This isn't the first time Trump has sued a bank over debanking allegations. He had also sued Capital One in March 2025 for similar reasons. The case is still pending. The issue of debanking first gained national attention when conservatives accused the Obama administration of pressuring banks under "Operation Choke Point."