JPMorgan Chase has confirmed it closed President Donald Trump’s bank accounts weeks after the January 6, 2021 breach of the US Capitol, a disclosure that now sits at the heart of a $5 billion lawsuit accusing the bank of political discrimination.
The admission came in a fresh court filing in Miami state court, where Trump and several of his hospitality companies are suing JPMorgan and its CEO Jamie Dimon. The complaint alleges the bank 'unlawfully' debanked Trump for political reasons, placing him on what his lawyers describe as a financial 'blacklist.'
What the court filing reveals
In the filing, Dan Wilkening, chief administrative officer for global banking at JPMorgan, confirmed that in February 2021 the bank informed Trump and multiple affiliated entities that certain accounts would be closed.
Formal letters dated February 19, 2021 were submitted as evidence. One letter 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.” Another letter addressed directly to Trump said the bank had determined that “a client’s interests are no longer served by maintaining a relationship.”
The letters did not cite a specific reason for the decision.
Wilkening said the bank coordinated with Trump and his companies to transfer remaining balances to other institutions in line with standard account agreements.
The legal fight: discrimination or contractual right?
Trump’s lawsuit alleges trade libel, violation of Florida’s unfair and deceptive trade practices act, declaratory relief, and breach of the implied covenant of good faith and fair dealing. The plaintiffs have demanded a jury trial and are seeking $5 billion in damages.
According to the complaint, Trump had banked with JPMorgan for decades and conducted “hundreds of millions of dollars” in transactions through the institution. His attorneys argue that the relationship was terminated due to “political and social motivations,” accusing the bank of distancing itself from Trump’s conservative views.
JPMorgan’s account agreements, filed with the court, give the bank authority to close accounts with or without cause, generally with at least 30 days’ written notice. They also allow termination for reasons such as breach of contract, financial impairment, legal or regulatory requirements, or activities the bank in good faith believes violate its policies.
Those policies are largely framed around regulatory compliance and risk management, including anti-money laundering, anti-terrorism measures, sanctions compliance and unlawful transactions.
Dimon denies political debanking
Jamie Dimon has publicly denied that JPMorgan debanks customers over their political beliefs. Speaking on Capitol Hill on February 13, 2025, he said, “We don't debank people because of political or religious affiliations.”
At the same time, Dimon acknowledged regulatory burdens can sometimes lead to account closures that “should not be debated,” describing compliance requirements as onerous.
The case now tests whether JPMorgan’s 2021 decision will be viewed as a standard exercise of contractual discretion — or as unlawful discrimination under Florida law.
Trump’s attorneys argue the case reflects a wider pattern in US banking, alleging that financial institutions increasingly cut off customers whose political views conflict with corporate positions.
The Trump Organization has separately sued Capital One in 2025, claiming the bank terminated more than 300 accounts belonging to Trump entities and family members in 2021.
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