JPMorgan closed Trump's accounts in February 2021 following the Jan. 6 Capitol attack
The bank cited that client interests may be 'no longer served' without specifying political reasons
Trump is suing JPMorgan for $5 billion, claiming political discrimination
The bank has moved to transfer the case from Miami to New York federal court
📖 Full Retelling
JPMorgan Chase & Co informed President Donald Trump and his hospitality business in February 2021 that it would close their bank accounts, according to newly disclosed letters included in court filings related to Trump's $5 billion lawsuit against the bank and its CEO Jamie Dimon. The letters, dated February 19, 2021, did not specify a particular reason for terminating the relationship. In one of the notices, JPMorgan stated that it might determine that a client's interests are 'no longer served' by maintaining a relationship with its private banking unit. This action occurred in the weeks following the January 6, 2021 attack on the U.S. Capitol, when numerous companies and organizations distanced themselves from Trump, including law firms and the PGA of America, which withdrew a planned championship event from Trump's golf club in Bedminster, New Jersey. Trump has alleged that JPMorgan singled him out for political reasons, accusing the bank of violating its own policies by closing accounts tied to him, his family, and related businesses. A spokesperson for Trump's legal team indicated that the disclosure of these letters supports their claims that the accounts were improperly terminated.
🏷️ Themes
Banking relationships, Political fallout, Legal disputes
A Trump account, also known as a 530A account, will be a stock market index investment account in the United States established for a U.S. citizen child. Trump accounts were initially authorized in law by the One Big Beautiful Bill Act (OBBBA) of 2025.
Certain aspects of how Trump accounts will func...
JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational banking institution headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States, and the world's largest bank by market capitalization as of 2025.
A lawsuit is a proceeding by one or more parties (the plaintiff or claimant) against one or more parties (the defendant) in a civil court of law. The archaic term "suit in law" is found in only a small number of laws still in effect today. The term "lawsuit" is used with respect to a civil action br...
JPMorgan's decision to close Donald Trump's accounts highlights the intersection of banking policy and political events. The move underscores how financial institutions may respond to reputational risks following high-profile incidents.
Context & Background
JPMorgan closed Trump accounts in February 2021
The action followed the January 6 Capitol attack
Trump filed a $5B lawsuit against JPMorgan
JPMorgan claims no political motive
The case is being moved to New York court
What Happens Next
The lawsuit continues to unfold as Trump seeks damages and the bank defends its actions. The court's decision on venue and potential settlement will shape future banking policies toward politically exposed persons.
Frequently Asked Questions
Why did JPMorgan close Trump's accounts?
The bank cited that Trump's interests were no longer served by maintaining a relationship with its private banking unit, though no specific reason was given.
What is the status of Trump's lawsuit?
Trump's $5B lawsuit is ongoing, with JPMorgan arguing it is without merit and has requested the case be moved to New York.
Could this affect other politically exposed persons?
The case may prompt banks to review relationships with high-profile clients, but no definitive policy change has been announced.
Original Source
try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Trump to raise global tariff rate to 15% after Supreme Court ruling 10% market drop could meaningfully dent U.S. consumption, BCA says BCA flags rising risk of Trump trade escalation by 2027 Is now time to double down on diversification? (South Africa Philippines Nigeria) JPMorgan closed Trump accounts after Jan. 6 attack By Investing.com Sports & General Published 02/21/2026, 04:35 PM JPMorgan closed Trump accounts after Jan. 6 attack 0 JPM 0.89% Investing.com -- JPMorgan Chase & Co (NYSE:JPM) informed President Donald Trump and his hospitality business in February 2021 that it would close their bank accounts, according to newly disclosed letters included in court filings tied to Trump’s $5 billion lawsuit against the bank and its CEO Jamie Dimon. Get premium news and insight by upgrading to InvestingPro The letters, dated Feb. 19, 2021, did not cite a specific reason for ending the relationship. In one of the notices, JPMorgan said it may determine that a client’s interests are “no longer served” by maintaining a relationship with its private banking unit. Several companies and organizations distanced themselves from Trump in the weeks following the Jan. 6, 2021 attack on the U.S. Capitol, including law firms and the PGA of America, which withdrew a planned championship event from Trump’s golf club in Bedminster, New Jersey. Trump alleges JPMorgan singled him out for political reasons, accusing the bank of violating its own policies by closing accounts tied to him, his family and related businesses. A spokesperson for Trump’s legal team said the disclosure of the letters supports claims that the accounts were improperly terminated. JPMorgan has previously said the lawsuit is without merit. Representatives for the bank and its legal counsel at Jones Day did not immediately respond to requests for comment. The letters were filed as part of JPMorgan’s motion to move the case from a Miami federal court to New Y...
