JPMorgan Confirms It Closed Trump’s Bank Accounts In Wake Of Jan. 6
In a significant development in the long-running fight over “debanking,” JPMorgan Chase has acknowledged for the first time that it closed bank accounts belonging to President Donald Trump and several of his businesses in the aftermath of the Jan. 6, 2021, Capitol attack.
The admission came in a court filing submitted this week in Trump’s $5 billion lawsuit against the bank and its CEO, Jamie Dimon. In the filing, JPMorgan’s former chief administrative officer, Dan Wilkening, stated that in February 2021 the bank notified Trump-affiliated entities that certain accounts within its private bank (PB) and commercial bank (CB) divisions would be closed.
Until now, JPMorgan had avoided publicly confirming that it took such action. The bank had previously spoken only in general terms about its account-closure policies, declining to address Trump’s situation directly. The new filing marks the first explicit acknowledgment tied to the president’s claims.
Trump originally filed the lawsuit in Florida state court, where he now maintains his primary residence. JPMorgan is seeking to move the case to New York, arguing that the accounts were maintained there and that much of Trump’s business activity was historically centered in the state.
The lawsuit accuses JPMorgan of trade libel and alleges that Dimon violated Florida’s Unfair and Deceptive Trade Practices Act. According to Trump’s legal team, the closures were politically motivated and caused significant disruption to his business operations. The complaint further claims that Trump attempted to address the matter directly with Dimon and was assured the issue would be reviewed, but that no corrective action followed.
One of the more consequential allegations involves what Trump’s lawyers describe as a reputational “blacklist.” They contend that JPMorgan placed Trump and his companies on an internal risk list shared across institutions, effectively restricting their ability to open accounts elsewhere. JPMorgan has maintained that the lawsuit lacks merit.
The case lands at the center of a broader national debate over debanking — the practice of terminating banking relationships or denying financial services based on risk assessments. Once a niche compliance issue, debanking has evolved into a politically charged flashpoint. Conservative lawmakers have argued that financial institutions have used “reputational risk” as a subjective standard to cut off politically controversial clients.
The controversy traces back at least to the Obama-era “Operation Choke Point,” when regulators were accused of pressuring banks to sever ties with gun dealers and payday lenders. In recent years, Trump and other conservative figures have claimed that similar standards were applied to them following Jan. 6.
Since returning to office, Trump’s banking regulators have taken steps aimed at limiting the use of reputational risk as a basis for denying service, signaling a broader policy shift.
This lawsuit is not an isolated dispute. The Trump Organization also filed suit against Capital One in March 2025, alleging comparable account terminations. That case remains ongoing.
JPMorgan’s acknowledgment may not resolve the legal battle, but it alters the terrain. What was once denied in public statements is now confirmed in court filings. Whether the closures were lawful risk management or politically motivated discrimination will ultimately be determined through litigation.