JPMorgan Chase has acknowledged that it shut down bank accounts linked to President Donald Trump weeks after the January 6, 2021, attack on the US Capitol. The disclosure, made in a recent court submission, has become central to a $5 billion legal battle in which Trump accuses the bank of politically motivated discrimination.
The case is being heard in Miami state court, where Trump and several of his hospitality businesses have filed suit against JPMorgan and its chief executive, Jamie Dimon. The lawsuit claims the bank ‘unlawfully’ terminated its relationship with Trump and effectively placed him on a financial ‘blacklist.’
What The Court Documents Show
In a sworn filing, Dan Wilkening, chief administrative officer for global banking at JPMorgan, confirmed that the bank notified Trump and related entities in February 2021 that certain accounts would be closed.
Letters dated February 19, 2021, were included in the court record. Correspondence sent to Jeffrey McConney of The Trump Corporation stated that JPMorgan “has decided to close its banking relationship with The Trump Corporation and its affiliated entities.” A separate letter addressed to Trump indicated that the bank concluded that “a client’s interests are no longer served by maintaining a relationship.”
The letters did not outline a specific explanation for the closures. According to the filing, the bank worked with Trump’s organisations to transfer funds to other financial institutions in accordance with standard contractual procedures.
Legal Claims And Contractual Powers
Trump’s complaint includes allegations of trade libel, violations of Florida’s unfair and deceptive trade practices statute, breach of the implied covenant of good faith and fair dealing, and a request for declaratory relief. The plaintiffs are seeking damages of $5 billion and have requested a jury trial.
The lawsuit argues that Trump maintained a decades-long banking relationship with JPMorgan, handling “hundreds of millions of dollars” in transactions. His legal team contends that the accounts were closed due to “political and social motivations.”
JPMorgan, however, has pointed to its account agreements, which permit termination with or without cause, typically with at least 30 days’ written notice. The contracts also allow closures tied to regulatory obligations, risk considerations, or activities believed to conflict with internal policies. These policies centre on compliance measures such as anti-money laundering rules, sanctions enforcement, and safeguards against unlawful transactions.
Dimon Rejects Political Motive Allegations
Jamie Dimon has publicly dismissed accusations that the bank removes clients based on ideology. Speaking before lawmakers on February 13, 2025, he stated, “We don’t debank people because of political or religious affiliations.”
He also acknowledged that regulatory pressures can at times result in account terminations that “should not be debated,” describing compliance demands as burdensome.
The outcome of the case could hinge on whether the 2021 account closures are deemed a lawful use of contractual discretion or unlawful discrimination under Florida law. Separately, the Trump Organisation has filed another lawsuit in 2025 against Capital One, alleging that more than 300 accounts tied to Trump entities and family members were terminated in 2021.
