JPMorgan Chase Confirms Closure of Donald Trump’s Accounts Following January 6 Capitol Attack Amid $5 Billion ‘Debanking’ Lawsuit
By Ken Sweet and The Associated Press | February 21, 2026
In a significant development in the ongoing legal battle between former President Donald Trump and JPMorgan Chase, the nation’s largest bank has, for the first time, formally acknowledged that it closed Trump’s personal and business bank accounts in the aftermath of the January 6, 2021 attack on the U.S. Capitol. This admission comes as JPMorgan is actively contesting Trump’s $5 billion lawsuit accusing the bank of politically motivated “debanking.”
Court Filing Reveals Account Closures
JPMorgan’s acknowledgment was made in a court filing submitted this week as part of its legal defense in response to the lawsuit filed by Trump. Dan Wilkening, the bank’s former chief administrative officer, stated in the filing, “In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB and PB would be closed.” Here, “CB” and “PB” refer to JPMorgan’s commercial bank and private bank divisions, respectively.
Prior to this filing, JPMorgan had refrained from confirming whether it had closed Trump’s accounts, citing privacy laws and speaking only hypothetically about policies related to the closure of customer accounts. A spokesperson for JPMorgan declined to provide comments beyond the contents of the court documents.
Background: The $5 Billion Debanking Lawsuit
Donald Trump initiated the lawsuit in Florida state court, where he currently resides, alleging that JPMorgan closed his accounts and those of his affiliated businesses for political reasons, thereby disrupting his commercial operations. The lawsuit accuses JPMorgan of trade libel and violations of state and federal unfair and deceptive trade practices.
Trump’s legal team contends that after receiving notices from JPMorgan about the account closures, Trump personally reached out to the bank’s CEO, Jamie Dimon, who allegedly assured him that the situation would be addressed. The suit asserts that Dimon failed to provide follow-up or resolve the issue.
Adding to these allegations, Trump’s lawyers claim that JPMorgan placed the former president and his companies on a so-called reputational “blacklist.” This purported list, according to Trump’s legal team, is employed by JPMorgan and other banks to prevent certain clients from opening accounts elsewhere in the future. The bank’s lawyers responded that they will address such claims if and when the plaintiffs provide a clear definition of this “blacklist.”
JPMorgan’s Legal Position
JPMorgan Chase has previously stated that it regrets the lawsuit but denies any wrongdoing. The bank maintains that the lawsuit has no merit and is vigorously fighting the claims.
Debanking—the practice of banks closing accounts or refusing services to certain clients—has become a contentious political topic in recent years, especially among conservative politicians who argue that financial institutions discriminate against them and their affiliates. The issue gained national attention during the Obama administration’s “Operation Choke Point,” aimed at curbing illicit businesses’ access to banking, which some conservatives criticized as unfair targeting of certain industries.
Following the January 6 Capitol attack, several conservative figures, including Trump, alleged that banks used “reputational risk” as a pretext for cutting off their accounts and financial services. In response, banking regulators under Trump’s administration issued directives to impede banks from denying services solely on such grounds.
Related Legal Actions and Industry Context
This lawsuit is not the first against a major financial institution alleging debanking. The Trump Organization also sued Capital One in March 2025 with parallel claims that it was unfairly cut off by the credit card giant. That case is still pending.
As the legal fight between JPMorgan Chase and Trump progresses, industry observers are closely watching the implications for banking practices and the broader conversation about political influence and fairness in financial services.
Looking Ahead
JPMorgan is seeking to move the case from Florida state court to federal court and to have jurisdiction shifted to New York, where the contested accounts were held and where much of Trump’s business operations were previously based.
Trump’s lawyers have vowed to pursue the lawsuit to a “just and proper conclusion,” claiming that the bank’s admission confirms the core of their allegations and underscores the financial harm inflicted on Trump, his family, and his businesses.
This report will be updated as new information becomes available.