JPMorgan Chase & Co. Has, for the first time, acknowledged closing the bank accounts of Donald Trump and his businesses in February 2021, following the January 6th attack on the U.S. Capitol. The admission came in a court filing this week as part of Trump’s $5 billion lawsuit against the bank and its CEO, Jamie Dimon.
According to a filing signed by JPMorgan’s former chief administrative officer, Dan Wilkening, the bank informed Trump and his affiliated entities that certain accounts held within its commercial and private banking divisions would be closed. The lawsuit alleges the closures occurred with just 60 days’ notice and no clear explanation, disrupting business operations and forcing Trump to urgently establish new banking relationships.
Trump’s legal team alleges JPMorgan placed the former president and his companies on a “blacklist,” preventing them from opening accounts at other financial institutions. The suit accuses the bank of trade libel and Dimon of violating Florida’s Unfair and Deceptive Trade Practices Act. Trump claims he personally contacted Dimon after learning of the account closures, and that Dimon promised to investigate, but failed to follow up.
JPMorgan has maintained the suit is without merit. However, the acknowledgement of the account closures marks a significant shift from the bank’s previous stance, which involved only hypothetical discussions about the circumstances under which it might close customer accounts. Emails and text messages sent to a JPMorgan spokesperson seeking comment were not returned.
The lawsuit was originally filed in Florida state court, where Trump now resides. JPMorgan is seeking to have the case moved to New York, where the accounts were located and where Trump previously maintained the bulk of his business operations.
The issue of “debanking” – the practice of financial institutions refusing service to customers – has gained increasing political attention in recent years. Conservatives have accused banks of discriminating against individuals and businesses based on political affiliation, citing a previous instance known as “Operation Choke Point” during the Obama administration, where allegations surfaced that banks were pressured to curtail services to gun stores and payday lenders. Trump’s administration subsequently moved to prevent banks from using “reputational risk” as a justification for denying services.
This is not the first legal challenge Trump has brought against a major financial institution over alleged debanking. The Trump Organization filed a similar lawsuit against Capital One in March 2025, which remains ongoing.
In a statement, Trump’s lawyers asserted that JPMorgan’s admission “proves President Trump’s entire claim” and accused the bank of unlawfully harming the former president and his businesses. They stated Trump is “standing up for all those wrongly debanked” and will pursue the case to a “just and proper conclusion.”