JPMorgan Closes Trump Accounts as $5 Billion Lawsuit Moves to New York

JPMorgan Chase & Co. (NYSE: JPM) notified President Donald Trump and his hospitality business in February 2021 that it would terminate their bank accounts, according to newly disclosed letters filed in court. The documents are part of Trump’s $5 billion lawsuit against JPMorgan and its CEO, Jamie Dimon, in an ongoing legal battle that has drawn significant public attention.

The letters, dated February 19, 2021, did not provide a specific explanation for ending the banking relationship. In one notice, JPMorgan stated that it may decide a client’s interests are “no longer served” by continuing services within its private banking division. The disclosure surfaced as part of JPMorgan’s motion to transfer the case from federal court in Miami to New York, arguing that the dispute has stronger connections to New York.

The account closures came weeks after the January 6, 2021 attack on the U.S. Capitol, a period when several corporations and organizations distanced themselves from Trump and his affiliated businesses. Among them were prominent law firms and the PGA of America, which moved a scheduled championship event away from Trump National Golf Club in Bedminster, New Jersey.

Trump alleges that JPMorgan Chase acted for political reasons, claiming the bank violated its own policies by closing accounts linked to him, his family, and related entities. A spokesperson for Trump’s legal team said the newly revealed letters reinforce allegations that the accounts were improperly terminated.

JPMorgan has maintained that the lawsuit lacks merit. Representatives for the bank and its legal counsel at Jones Day have not publicly commented on the latest court filings.

The case highlights broader debates around corporate decision-making, financial institution policies, and the intersection of politics and banking relationships, while investors continue monitoring developments involving JPM stock and high-profile litigation.