JPMorgan Admits Closing Trump Accounts After Jan. 6 in $5B Debanking Lawsuit
JPMorgan Chase acknowledged for the first time in a court filing this week that it closed President Donald Trump's personal and business accounts in February 2021, following the Capitol attack on January 6, 2021. The admission came as the bank defends against Trump's $5 billion lawsuit alleging the closures were politically motivated and disrupted his business operations.
In a court filing, JPMorgan's former chief administrative officer Dan Wilkening stated: "In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan's CB and PB would be closed"—referring to the bank's commercial and private banking divisions. Until this filing, JPMorgan had declined to publicly confirm the account closures in writing, citing bank privacy laws and speaking only hypothetically about its account closure policies.
The acknowledgment marks a significant shift in the bank's legal posture as the case proceeds. For CFOs monitoring regulatory and reputational risk in banking relationships, the filing underscores the potential liability banks face when account decisions intersect with high-profile political figures. Watch for JPMorgan's next filing and any discovery documents that may detail the bank's decision-making process.
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