BY COMFORT OGBONNA
Newly released court documents show that JPMorgan Chase informed Donald Trump and his hospitality business in February 2021 that it would be closing their bank accounts. The disclosure emerged on Friday as part of a sweeping $5 billion lawsuit filed by Trump against the nation’s largest bank and its chief executive, Jamie Dimon.
The letters, dated February 19, 2021, were sent weeks after the January 6 attack on the U.S. Capitol, when supporters of the then-president stormed the building in an effort to challenge the certification of the 2020 election results. In the aftermath of the unrest, a number of corporations and professional organizations distanced themselves from Trump and his business empire, citing reputational concerns and the gravity of the events .
Among those that cut ties were two law firms that had represented Trump and the Trump Organization, as well as the PGA of America, which stripped Trump’s golf club in Bedminster, New Jersey, of its role as host of the 2022 PGA Championship. The decisions reflected a broader corporate backlash that followed the unprecedented events at the Capitol.
According to the court filings, JPMorgan’s letters did not provide a detailed explanation for terminating the accounts. In one of the communications, the bank stated that it may sometimes “determine that a client’s interests are no longer served by maintaining a relationship with J.P. Morgan Private Bank.” The language stopped short of explicitly referencing the Capitol attack or any political considerations.
A spokesperson for JPMorgan did not immediately respond to requests for comment regarding the newly disclosed letters. The bank’s legal representatives at Jones Day also declined to comment. JPMorgan has previously dismissed Trump’s lawsuit as without merit, arguing that the claims lack legal foundation.
Trump’s legal team, however, characterized the letters as a significant development in the case. A spokesperson for the former president said the disclosures amount to “a devastating concession” that supports Trump’s central allegation—that the bank acted improperly in severing ties with him and his businesses.
The lawsuit accuses JPMorgan of intentionally and unlawfully “de-banking” Trump, his family, and affiliated companies, allegedly causing extensive financial harm. Trump contends that the bank violated its own internal policies by singling him out and making a politically motivated decision influenced by public pressure following January 6.
At the heart of the legal battle is a dispute over jurisdiction. JPMorgan is seeking to move the case from federal court in Miami to New York, arguing that the connections to New York—where the bank is headquartered and where key decisions were made—are overwhelming. In its motion, the bank stated that the dispute’s substantial ties to New York strongly support transferring the proceedings there.
The case adds another layer to the complex relationship between major financial institutions and politically exposed individuals. As the litigation unfolds, it is likely to draw continued attention not only for its high-profile parties but also for the broader questions it raises about corporate discretion, reputational risk, and the intersection of finance and politics in a deeply polarized environment.
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