In February 2021, JPMorgan Chase notified President Donald Trump and his hospitality business, the Trump Organization, that it was closing their accounts at the bank, as revealed in newly released documents from a high-profile lawsuit. This acknowledgment came in a court filing where the bank’s former chief administrative officer, Dan Wilkening, confirmed that certain accounts in JPMorgan’s private bank (PB) and commercial bank (CB) would be terminated, without specifying explicit reasons in the February 19 letters sent to the parties involved. The closures occurred amid the political fallout from the January 6, 2021, attack on the U.S. Capitol by Trump supporters, marking a significant instance of “debanking” where financial institutions sever ties with clients perceived as high-risk. Trump’s team described the move as unlawful and intentional, claiming it inflicted overwhelming financial harm on him, his family, and his businesses.

The documents surfaced as part of Trump’s $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, filed in Florida state court in January 2026, alleging political discrimination and violations of Florida’s Unfair and Deceptive Trade Practices Act. Trump contends that the bank singled him out due to his conservative views, placing him on a reputational “blacklist” that hindered future banking relationships and disrupted his operations. JPMorgan has pushed back, seeking to transfer the case to New York federal court and arguing that the suit improperly includes Dimon, while maintaining that account closures stem from legal or regulatory risks rather than politics. The bank had previously avoided confirming the closures, speaking only hypothetically about such decisions until this recent filing.

According to the court disclosures, JPMorgan closed more than 50 accounts associated with Trump, encompassing those for his hotels, housing developments, retail shops across states like Illinois, Florida, and New York, as well as his personal private banking account tied to his father’s inheritance. The bank’s letter suggested Trump find a “more suitable institution,” but provided no detailed rationale, fueling accusations of bias. This case highlights broader debates over debanking practices, with Trump positioning it as evidence of financial institutions weaponizing services against political figures, while JPMorgan insists its actions align with standard risk management protocols. The ongoing litigation could set precedents for how banks handle politically sensitive clients amid regulatory scrutiny.

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