Source: Fortune
Summary
JPMorgan Chase has acknowledged that it closed the bank accounts of President Donald Trump and his businesses in February 2021, following the January 6, 2021, attack on the U.S. Capitol. This admission came in a court filing in response to Trump’s $5 billion lawsuit against the bank, alleging that his accounts were closed for political reasons. The bank had previously declined to comment on the matter, citing bank privacy laws. Trump’s lawsuit accuses JPMorgan of trade libel and violating state and federal unfair and deceptive trade practices.
Our Reading
The numbers tell one story.
JPMorgan Chase closed Trump’s accounts in February 2021, citing reputational risk. Trump sued for $5 billion, alleging political reasons. The bank’s admission comes after months of silence. The case highlights the politically charged issue of debanking, which has become a concern for conservative politicians. Trump’s lawyers claim that JPMorgan’s actions caused “overwhelming financial harm.”
The bank’s move to close Trump’s accounts is a familiar phase in the debanking saga, where banks use “reputational risk” as a reason for denying service to customers.
Trump’s lawsuit is not the first against a big bank alleging debanking; he also sued Capital One in March 2025.
The announcement sounds familiar, as debanking has become a national issue, with conservatives accusing banks of discriminating against them.
Author: Evan Null
