JPMorgan Chase has publicly acknowledged for the first time that it shut down the bank accounts of former President Donald Trump and several of his businesses in the wake of the January 6, 2021, Capitol riots. This revelation is part of a broader legal dispute between Trump and the financial institution, centering around the controversial practice known as “debanking.”
The acknowledgment was made in a recent court filing as part of Trump’s $5 billion lawsuit against the bank and its CEO, Jamie Dimon. Trump claims that the closure of his accounts was politically motivated and disrupted his business operations. Dan Wilkening, JPMorgan’s former chief administrative officer, stated in the filing that the bank had notified Trump in February 2021 about the decision to close specific accounts held in JPMorgan’s commercial banking and private banking divisions.
Prior to this admission, JPMorgan had avoided directly confirming the closure of Trump’s accounts in writing. The bank had previously referred to the reasons for account closures in general terms, citing banking privacy laws. Although a bank representative declined to comment further, the legal documents suggest that the issue is now a matter of public record as part of Trump’s ongoing litigation.
Trump’s legal battle with JPMorgan is being conducted in Florida, where he currently resides. The latest court filings are an attempt by the bank to shift the case from state to federal jurisdiction and relocate it to New York, where the accounts were originally located and much of Trump’s business activities were based.
In his initial lawsuit, Trump accused JPMorgan of trade libel and violating both state and federal laws concerning unfair and deceptive trade practices. He claims to have attempted to discuss the account closures directly with Dimon, who reportedly assured Trump he would look into the matter but failed to provide any follow-up.
One of the more contentious claims made by Trump’s legal team is that JPMorgan has placed him and his businesses on a “blacklist.” This list allegedly serves to prevent them from opening accounts with JPMorgan and other financial institutions in the future. The bank has responded to these accusations with a request for clarification on what the “blacklist” entails and has indicated that it will respond once it receives more details.
In the context of Trump’s legal challenge, JPMorgan has maintained that it regrets Trump felt compelled to sue but insists that the lawsuit lacks merit. The central issue of debanking has evolved from a niche topic in finance to a politically charged controversy. Conservative figures have long argued that banks are discriminating against them under the pretext of “reputational risk,” a claim that has gained traction since the Capitol riot.
The discourse around debanking gained national prominence during the Obama administration, when banks were alleged to be pressured to cut ties with certain businesses, such as gun shops, through what was termed “Operation Choke Point.” Many conservatives, including Trump, contend that similar tactics have been applied against them following the events of January 6.
Aside from his current lawsuit against JPMorgan, Trump has a history of pursuing legal action against financial institutions. Notably, the Trump Organization recently filed a lawsuit against Capital One in March 2025 on similar grounds regarding account closures. That case remains ongoing, underscoring the broader implications and contentious atmosphere surrounding banking practices as they relate to political affiliations.
