JPMorgan Chase informed Donald Trump and his hospitality business in February 2021 that it would be closing their accounts, according to newly released documents. These documents are part of a $5 billion lawsuit Trump has filed against the bank and its CEO, Jamie Dimon. JPMorgan Chase is the largest bank in the United States and provides a range of financial services to individuals and businesses. The company also has a private bank that offers wealth management and investment advice.
Several businesses severed ties with Trump following the January 6, 2021, attack on the U.S. Capitol by his supporters. These included two law firms that represented him and the Trump Organization, as well as the PGA of America, which removed the 2022 PGA Championship from Trump’s club in Bedminster, New Jersey.
The bank did not provide a specific reason for the account closures in its February 19, 2021, letters to Trump and the Trump Organization. However, one letter stated that the bank can sometimes “determine that a client’s interests are no longer served by maintaining a relationship with J.P. Morgan Private Bank.”
Trump’s legal team claims the disclosure of the letters is “a devastating concession that proves President Trump’s entire claim.” They allege that the bank has “admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm.” JPMorgan is seeking to move Trump’s lawsuit from Miami federal court to New York, citing the dispute’s strong connections to New York.
