JPMorgan Chase recently acknowledged that it closed Trump and several of his businesses’ bank accounts following the January 6, 2021, attacks on the U.S. Capitol.
For the unversed, U.S. President Donald Trump filed a $5 billion (£3.7 billion) lawsuit against JPMorgan Chase and the bank’s chief executive, Jamie Dimon, earlier in January 2026, alleging that the President and his businesses faced “considerable financial and reputational harm” after the bank closed their accounts in the aftermath of the 2021 Capitol riots.
The acknowledgement came in new documents released Friday as part of Trump’s aforementioned lawsuit, in which the renowned bank admitted for the first time that it cut off 50 Trump accounts in February 2021, including accounts related to Trump hotels, housing developments and retail shops in Illinois, Florida and New York, per The New York Times.
”In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB [commercial bank] and PB [private bank] would be closed,” wrote JPMorgan’s former chief administrative officer, Dan Wilkening, in the court filing.
JPMorgan Chase acknowledged for the first time that it closed the bank accounts of President Donald Trump and several of his businesses in the political and legal aftermath of the January 6, 2021 attacks on the US Capitol.https://t.co/PNDiG3T0K9
— businessline (@businessline) February 22, 2026
Although the bank did not provide the reason for closing the President’s accounts, in one note dated February 19, 2021, JPMorgan wrote that it “needed to distance itself from President Trump and his conservative political views.”
In response to the recent acknowledgement, the 79-year-old’s attorney in a statement said, “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.”
They continued, “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.”
Earlier this year, the president threatened to sue the bank and accused it of “incorrectly and inappropriately debanking” him after the January 6th Protest, which, according to him, “turned out to be correct for those doing the protesting.”
🇺🇸 Trump announces he is suing JP Morgan! pic.twitter.com/it4EHTVCqi
— Traders Paradise (@theparadiselive) January 17, 2026
Following this, Trump filed a lawsuit against bank in Florida state court in Miami, alleging “JPMC debanked [Trump and his businesses] because it believed that the political tide at the moment favored doing so.”
He further claimed that JPMorgan’s decision to “debank” him was driven by “political and social motivations.”
However, the bank denied the notion, claiming “JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so.”
The bank’s code of conduct states, “We set high expectations and hold ourselves accountable. We do the right thing — not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior.”
The President’s lawsuit further alleged, “Despite claiming to hold these principles dear, JPMC violated them by unilaterally — and without warning or remedy — terminating several of Plaintiff’s bank accounts.”
The lawsuit also claimed that JPMorgan Chase placed Trump and his associate on a reputational “blacklist,” further alleging, “Given that Plaintiffs have always complied with all applicable banking rules and regulations and their wealth management accounts were in good standing, JPMC’s publication of President Trump, the other Plaintiffs, the Trump Organization and its affiliated entities, and/or the Trump family’s names on this blacklist, is an intentional and malicious falsehood.”
