JPMorgan closed Trump’s accounts after the Capitol attack in 2021
JPMorgan Chase closed former President Donald Trump’s accounts in February 2021 following the January 6 Capitol attack, according to newly released documents related to Trump's lawsuit against the bank.
JPMorgan Chase informed former President Donald Trump and his hotel businesses in February 2021 that it was closing their accounts, as revealed by newly unsealed documents in a $5 billion lawsuit that Trump has filed against the bank and CEO Jamie Dimon. The closure of the accounts occurred in the wake of the January 6 Capitol insurrection, an event that significantly impacted Trump's relationships with various corporations, leading many to sever ties with him. Following the Capitol attack, multiple firms ceased their associations with Trump, including two law firms that represented him, as well as the PGA of America, which withdrew its 2022 Championship from Trump's Bedminster club in New Jersey. The actions taken by these corporations reflected a broader societal backlash against Trump and his supporters, as many businesses faced pressure to distance themselves from the former president due to the political fallout from the insurrection. In its correspondence with Trump, JPMorgan did not provide specific reasons for terminating the accounts, instead stating in their letters that sometimes the bank can determine that "the interests of a client are no longer served by maintaining a relationship with J.P. Morgan Private Bank." This raises questions about the criteria used by financial institutions in evaluating their relationships with clients amidst controversial political events.