Bold claim: JPMorgan Chase secretly closed Donald Trump’s accounts after the January 6 attack, and the bank just admitted it in court—a revelation that changes the debanking debate. Here’s a clear, expanded version of what happened, what it means, and why it matters.
JPMorgan Chase has publicly acknowledged for the first time that it closed the Trump family’s bank accounts, along with several of Trump’s businesses, in the politically charged period following the January 6, 2021 attack on the U.S. Capitol. This admission comes as part of a court filing in Trump’s lawsuit against the bank and its CEO, Jamie Dimon. Trump is suing for $5 billion, arguing that his accounts were shut for political reasons and that the closures disrupted his business operations.
In the new filing, Dan Wilkening, JPMorgan’s former chief administrative officer, states that in February 2021 the bank informed the plaintiffs that certain accounts held with JPMorgan’s private banking (PB) and commercial banking (CB) units would be closed. Prior to this, JPMorgan had avoided confirming in writing post-January 6 closures, typically speaking in generalities about account closures and citing bank-privacy laws when pressed for specifics.
Until now, the bank had not provided a written admission about post-January 6 closures. A JPMorgan spokesperson declined to comment beyond what appears in the legal filings.
Trump initially filed his lawsuit in a Florida state court, where he currently maintains residency. The latest filings are part of JPMorgan’s broader effort to move the case from state to federal court and to transfer jurisdiction to New York, the location of the affected accounts and where Trump previously conducted much of his business.
Trump’s initial claims included trade libel and violations of state and federal unfair or deceptive trade practices.
In the original complaint, Trump said he attempted to address the issue directly with Dimon after receiving notices about closures, and that Dimon assured him he would look into the situation. The suit further alleges that Dimon failed to follow up.
Trump’s lawyers also contend that JPMorgan placed Trump and his enterprises on a reputational “blacklist,” which, they argue, prevents them from opening accounts with other banks. The precise definition and scope of this blacklist remain to be specified by Trump’s team.
JPMorgan’s side has responded by saying the lawsuit lacks merit and that they regret Trump’s decision to sue, but stand by their position.
A central point in the case is debanking—the practice of a bank closing an account or otherwise denying services like loans. Once relatively obscure, debanking has become highly political in recent years, with some conservatives arguing that banks discriminate against them or their affiliated interests.
Trump’s side issued a reaction calling JPMorgan’s admission a devastating concession that vindicates the core argument of his debanking claim. They urged that Trump’s experience reflects a broader problem for others who allege they were unfairly de-banked.
The debanking issue gained national attention earlier when opponents of the Obama administration argued it pressured banks to stop serving gun stores and payday lenders under the “Operation Choke Point” framework. Since Trump’s return to office, banking regulators have moved to curb the use of reputational risk as a blanket justification for denying services.
This is not Trump’s first high-profile bank-related lawsuit. In March 2025, the Trump Organization sued Capital One over similar debanking allegations, and that case remains ongoing.
Would you agree that such admissions should shape how banks approach political figures and their businesses, or do you think robust privacy and legal boundaries should keep banks from disclosing internal decisions? Share your thoughts in the comments.
