Banking Giant JPMorgan Admits Closing 50+ Trump Accounts in 2021
In February 2026, JPMorgan Chase confirmed in court filings that it closed more than 50 bank accounts linked to President Donald Trump, his family, and affiliated businesses shortly after the January 6, 2021 Capitol attack.
- JPMorgan confirmed it closed more than 50 Trump-related accounts in February 2021.
- The bank denies political motivation and cites regulatory risk considerations.
- Trump has filed a $5 billion lawsuit alleging “political de-banking.”
The disclosure came in response to a $5 billion lawsuit filed by Trump in Miami state court.
The bank had previously discussed account closures in broad terms but had not explicitly acknowledged terminating Trump-related accounts. The new filing marks the first direct confirmation.
The Court Admission
According to the filing, the accounts were shut down in February 2021. They included corporate and personal banking relationships connected to Trump hotels, retail operations, real estate developments in New York, Florida, and Illinois, as well as Trump’s private banking services.
Trump’s legal team described the admission as a major concession, arguing it strengthens their claim that the closures were targeted and deliberate.
JPMorgan’s Defense
JPMorgan maintains that the decision was not politically motivated. The bank stated it does not terminate accounts based on political or religious views, instead citing regulatory compliance obligations and risk management considerations under federal banking rules.
The filing did not detail specific compliance triggers behind the closures.
Trump’s Legal Argument
The lawsuit accuses JPMorgan and its CEO, Jamie Dimon, of engaging in what Trump’s attorneys call “political de-banking.” The complaint alleges that social and political pressure following January 6 influenced the bank’s actions and caused reputational and financial harm.
The case was filed in Florida, but JPMorgan is seeking to move it to New York, arguing that the accounts were managed there and that the core business activities took place in that state.
Wider Fallout After January 6
Following the Capitol attack, several organizations distanced themselves from the Trump Organization. Two law firms cut ties, and the PGA of America relocated the 2022 PGA Championship from Trump’s Bedminster golf club.
Separately, a lawsuit filed in March 2025 by the Trump Organization against Capital One remains ongoing.
Broader Implications
The dispute feeds into a larger debate over “de-banking” in the U.S. financial system. Critics argue that banks may use compliance frameworks to sever ties with politically controversial clients, while financial institutions insist that regulatory risk and federal oversight drive such decisions.
The outcome of the case could set an important precedent for how major banks manage reputational risk in highly politicized environments.
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