JPMorgan Chase informed former President Donald Trump and his hospitality business in February 2021 that it would be closing their accounts, according to newly released documents made public Friday. The disclosure comes amid Trump’s ongoing $5 billion lawsuit against the bank and its CEO, Jamie Dimon.
In the aftermath of the January 6, 2021 attack on the U.S. Capitol by Trump supporters, several organizations distanced themselves from Trump. Among them were two law firms previously representing him and the Trump Organization, as well as the PGA of America, which removed Trump’s Bedminster, New Jersey club as host of the 2022 PGA Championship.
JPMorgan’s February 19, 2021 letters did not cite a specific reason for the account closures. One letter stated 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.”
JPMorgan representatives and its legal team at Jones Day did not immediately respond to requests for comment. The bank has previously described Trump’s lawsuit as without merit.
Trump’s legal team characterized the letters’ release as significant. A spokesperson claimed the documents represent “a devastating concession” supporting Trump’s allegations.
The spokesperson further accused JPMorgan of “unlawfully and intentionally de-banking President Trump, his family, and his businesses,” asserting that the closures caused substantial financial damage.
Trump has alleged that JPMorgan, the largest bank in the United States, violated its own policies by targeting him due to shifting political pressures.
The letters were filed as part of JPMorgan’s motion to transfer the lawsuit from federal court in Miami to New York. In its filing, the bank argued that “the overwhelming connections this dispute has to New York reinforce this result.”
