JPMorgan and Bank of America Refused President Trump’s Business Over January 6 Capitol Riot Concerns, Report Reveals
By Ray Lewis | The National News Desk
August 7, 2025
In the wake of the January 6, 2021, Capitol riot, two of the nation’s largest banks—JPMorgan Chase and Bank of America—reportedly declined to continue business relations with former President Donald Trump, citing concerns over reputational risk linked to his involvement in the events of that day. This development was detailed in a recent report by the New York Post, drawing attention to the complex intersection of politics, banking regulations, and reputational considerations in the financial sector.
Banks Respond to January 6 Fallout
According to sources with direct knowledge of the situation at both financial institutions, JPMorgan Chase took the step of closing Trump’s accounts, while Bank of America outright refused to provide services to the former president. The decisions reportedly stemmed from communications with regulators in the Biden administration, who flagged maintaining accounts for Trump as posing significant reputational risks. The Federal Reserve, alongside other key financial regulatory agencies like the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), reportedly reviewed these risks as part of their supervisory responsibilities for banks during this period.
An executive from either JPMorgan or Bank of America acknowledged in an interview with the New York Post that reputation risk played a central role in their refusal to conduct business with Trump. These officials indicated that conservative individuals or those associated with the January 6 riot were viewed with heightened caution by regulators, influencing internal banking decisions.
Statements from Financial Authorities and Bank Executives
Federal Reserve Chairman Jerome Powell previously stated in February that the central bank does not endorse lending or business decisions based on political beliefs, calling such actions inappropriate. However, despite this stance, a JPMorgan executive suggested that regulators instilled significant pressure—“put the fear of God in you”—if banks considered doing business with high-profile figures linked to the riot, such as Trump.
A banking insider described the climate within financial institutions following January 6: “Think back to what it was like being Trump in 2021; he was a hot potato after January 6 and the regulators made it clear to us that we shouldn’t do business with him.”
Lauren Bianchi, a spokesperson for JPMorgan Chase, countered by affirming that the bank does not close customer accounts for political reasons, emphasizing their commitment to established banking policies.
Trump’s Reaction and Bank of America CEO Comments
Former President Trump publicly accused JPMorgan and Bank of America of discrimination against himself and his supporters. In an interview, he claimed that after decades of maintaining substantial accounts, JPMorgan informed him he had “20 days to get out,” expressing frustration and uncertainty about where to place his funds. Regarding Bank of America, Trump said that CEO Brian Moynihan had no interest in continuing their business relationship.
Responding to these claims, Brian Moynihan addressed the matter in an interview, expressing discomfort with the imagery and comments associated with Trump but acknowledged that reputational risk regulations serve an important role. He noted the necessity for decisions to be made carefully to avoid reconsideration or reversal in the future.
Background and Broader Implications
The report sheds light on how financial institutions navigate politically sensitive scenarios under regulatory oversight and public scrutiny. The Biden administration’s involvement, through regulatory agencies, highlights the balancing act between maintaining industry compliance and managing reputational concerns in volatile political contexts.
The National News Desk was unable to independently confirm the specifics of the New York Post’s report and did not receive a response from the White House before publication.
For ongoing updates and inquiries, readers can contact reporter Ray Lewis at [email protected].
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