JPMorgan Chase for the first time files court documents and publicly admits to closing Trump's bank accounts

Donald Trump’s dispute with the United States’ largest bank, J.P. Morgan Chase, over the termination of banking services has taken a new turn. In the latest court filings, JPMorgan Chase publicly confirmed for the first time that it closed Trump’s and several of his affiliated companies’ bank accounts following the January 6, 2021, Capitol riot. Previously, the bank had never voluntarily disclosed any information about account cancellations, citing confidentiality clauses. Trump and his legal team countered by accusing JPMorgan Chase and CEO Jamie Dimon of politically motivated account closures, resulting in defamation and business damages. Both cases involve parties too big to fail, with the upcoming midterm elections turning this personal banking dispute into a political risk.

JPMorgan Chase Officially Confirms Closure of Trump’s Bank Accounts

According to court documents filed this week, former JPMorgan executive Dan Wilkening explicitly stated that the bank issued a notice in February 2021 to close certain accounts held by Trump in the Private Bank (PB) and Commercial Bank (CB) divisions. Over the past few years, JPMorgan Chase had consistently responded to inquiries with vague references to banking privacy laws, never formally acknowledging the specific timing of account closures in writing. This legal filing breaks the long-standing silence, confirming that the bank took proactive steps to sever business relations after the Capitol riot.

Defamation and De-Banking Lawsuits Moved to New York

Trump filed a defamation lawsuit in Florida, but this week, JPMorgan Chase submitted documents to transfer the case from state court to federal court. Trump’s bank accounts were originally established in New York, and most of his business activities have historically been centered there. Trump’s legal team claims JPMorgan Chase placed him on a so-called “blacklist,” aiming to collaborate with other financial institutions to block his future account openings. In response, the bank’s lawyers stated there is no evidence of such a “blacklist,” and if the plaintiff can clearly define what the blacklist entails, the bank will respond accordingly, asserting the lawsuit is baseless.

Did the Bank Abuse “Reputation Risk” to Close Accounts?

The core issue in this case is Trump’s de-banking—i.e., the bank’s authority to close any customer’s account or refuse financial services like loans. In the U.S., banks have broad discretion over account management. However, due to Trump’s high-profile status, this has evolved from simple risk management into a highly sensitive political issue. Trump’s legal team claims JPMorgan Chase’s account closures substantiate allegations that the bank targeted him, causing significant economic harm to his family and businesses. JPMorgan Chase maintains that it acts in accordance with compliance and risk control principles, evaluating customer relationships as it sees fit. Nonetheless, this case has sparked debate over whether banks can wield such economic power over clients.

Trump and Other Conservatives Claim Banks Used “Reputation Risk” as a Pretext to Cut Accounts

Trump and other conservatives argue that, following the Capitol riot, banks used “reputation risk” as an excuse to terminate their accounts. They accuse banks of abusing this rationale to unjustly end services. Regulatory agencies have responded by taking steps to prevent banks from denying services based on non-financial factors. Notably, in March 2025, Trump also sued credit card company Capital One over similar allegations, which is still under review.

This article, “JPMorgan Chase First Files Court Documents Confirming Closure of Trump’s Bank Accounts,” originally appeared on Chain News ABMedia.