JPMorgan Chase, the largest U.S. bank, informed Donald Trump and his hospitality business in February 2021 that it was closing their accounts, according to documents released as part of a $5 billion lawsuit Trump has filed against the bank and its CEO, Jamie Dimon.
The disclosure comes amid Trump’s legal claim that the bank unlawfully terminated his accounts following the January 6, 2021, attack on the U.S. Capitol by his supporters. Several companies severed ties with Trump after the incident, including two law firms that represented him and the Trump Organization. The PGA of America also relocated the 2022 PGA Championship from Trump’s golf club in Bedminster, New Jersey.
Letters dated February 19, 2021, and released in court filings state that the bank did not provide a specific reason for closing the accounts. One letter noted that the bank may sometimes “determine that a client’s interests are no longer served by maintaining a relationship with J.P. Morgan Private Bank.”
A JPMorgan spokesperson did not immediately comment on the documents, and the bank’s legal representatives have previously argued that Trump’s lawsuit lacks merit.
Trump’s legal team claims the letters prove the bank “de-banked” him and his businesses for political reasons, causing financial harm. The bank, however, maintains that account closures were consistent with its policies and business judgments.
JPMorgan has also sought to move the lawsuit from a federal court in Miami to New York, arguing that the dispute is more closely connected to that jurisdiction.
“The overwhelming connections this dispute has to New York reinforce this result,” the bank stated in its motion.
The legal battle underscores ongoing debates about corporate decisions to sever business relationships with politically controversial figures and the broader implications for financial institutions.