In a fresh development tied to former President Donald Trump’s ongoing legal battle with one of the nation’s largest financial institutions, new documents have revealed that “JPMorgan says it shut down Trump’s bank accounts in February 2021, about a month after the Jan. 6 Capitol attack.”
The disclosure comes as part of Trump’s $5 billion lawsuit against the bank and its CEO, Jamie Dimon, intensifying the dispute over whether the account closures were business decisions or politically motivated actions.
Account Closures Following Capitol Riot
According to recently released court filings, JPMorgan Chase informed Donald Trump and his hospitality company in mid-February 2021 that it would be ending their banking relationship. The notification letters were dated February 19, 2021—just weeks after the January 6 attack on the U.S. Capitol by Trump supporters.
The move occurred during a period when several organizations distanced themselves from Trump in the wake of the unrest. Among them were two law firms previously representing him and the Trump Organization, as well as the PGA of America, which withdrew plans to host the 2022 PGA Championship at Trump National Golf Club in Bedminster, New Jersey.
No Specific Reason Cited
The letters sent by JPMorgan did not provide a detailed explanation for the closures. Instead, the bank stated that in certain cases it may determine that “a client’s interests are no longer served by maintaining a relationship with J.P. Morgan Private Bank.”
The wording left room for interpretation, and critics argue that the lack of clarity has fueled suspicion over the true motivations behind the decision.
Trump’s Legal Team Calls It ‘Unlawful’
A spokesperson for Trump’s legal team described the release of the letters as a major breakthrough in their case. According to them, the documents represent what they consider a “devastating concession” by the bank.
The legal team further alleged that JPMorgan “admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses,” claiming the closures caused significant financial harm.
Trump himself has accused the bank of violating its own internal policies and singling him out to align with what he describes as a shifting “political tide.”
JPMorgan Pushes Back
JPMorgan has consistently denied wrongdoing. While the bank did not immediately comment on the latest filings, it has previously characterized Trump’s lawsuit as without merit. Attorneys representing the bank, including legal counsel from Jones Day, also declined to provide an immediate statement.
The account closure letters were submitted as part of a legal motion requesting that the case be transferred from federal court in Miami to New York. JPMorgan argued that the dispute has stronger ties to New York, where the bank is headquartered.
In its motion, the bank emphasized that the “overwhelming connections” to New York justify moving the case to that jurisdiction.
Broader Implications
The case underscores a broader debate over the role of financial institutions in politically sensitive situations. Following the January 6 events, multiple corporations and institutions reevaluated their relationships with Trump-affiliated entities.
At the center of this legal fight is a question that extends beyond one lawsuit: Do banks have broad discretion to end client relationships without explanation, or must they provide clear justification when political figures are involved?
As the lawsuit progresses, it may set important precedents about corporate autonomy, political neutrality, and the responsibilities of financial institutions in high-profile cases.
Conclusion
The newly revealed letters add another layer to an already contentious legal dispute between Trump and JPMorgan. With “JPMorgan says it shut down Trump’s bank accounts in February 2021, about a month after the Jan. 6 Capitol attack.” now officially documented in court filings, the focus shifts to whether the courts will view the move as a standard business decision—or something more politically charged.
