JPMorgan Chase has formally admitted that it terminated more than 50 accounts connected to President Donald Trump and his business operations in the wake of the January 6th protest.
The admission came in court filings responding to a lawsuit filed by Trump and the Trump Organization.
The suit names JPMorgan and its CEO, Jamie Dimon, of debanking the president as part of an orchestrated political attack.
According to documents submitted to the court, the closures affected accounts tied to Trump hotels, real estate projects, and retail ventures in multiple states, as well as his longstanding private banking relationship.
That relationship had handled personal financial matters, including assets linked to his inheritance.
The bank’s internal correspondence, included in the filing, does not cite a specific violation or financial irregularity.
In a letter dated February 2021, JPMorgan informed Trump that he would need to “find a more suitable institution with which to conduct business.”
“Thank you for your prompt attention to this matter,” it concluded.
The lawsuit alleges the bank “needed to distance itself from President Trump and his conservative political views,” effectively placing him on a blacklist.
“In essence, [JP Morgan] debanked plaintiffs’ accounts because it believed that the political tide at the moment favored doing so,” the lawsuit states.
Trump Sues JPMorgan and CEO Jamie Dimon for $5 Billion, Claims He Was Debanked for Political Reasons
Until now, JPMorgan had avoided directly confirming that it closed Trump’s accounts.
In previous statements, the bank dismissed the lawsuit as meritless and said it generally closes accounts that create “legal or regulatory risk for the company.”
“President Trump is standing up for all those wrongly debanked by JPMorgan Chase and their cohorts, and will see this case to a just and proper conclusion,” a Trump spokesperson told The New York Times.
🚨 JUST IN: President Trump SUES JPMorgan Chase and CEO Jamie Dimon for BILLION because they de-banked him
— Eric Daugherty (@EricLDaugh) January 22, 2026
BOOM! Major FAFO underway! 🔥
The era of de-banking MAGA is OFFICIALLY OVER. pic.twitter.com/2wvzISJYx1
JPMorgan recently asked that the case be transferred from the Florida state court to the federal court in New York in the hope that a liberal judge will dismiss the case.
“While we regret President Trump has sued us, we believe the suit has no merit,” a company spokesperson said at the time.
