- JPMorgan closed more than 50 Trump accounts in February 2021 after the Jan 6 Capitol riot.
- The bank kept Jeffrey Epstein as a client years after his 2008 conviction.
- Trump seeks $5 billion and claims the bank acted for political reasons.
JPMorgan Chase has admitted that it shut down over 50 accounts associated with Donald Trump in February 2021. The bank came into action weeks following the Capitol riot of Jan. 6.Â
Court filings confirm the closures in Trump’s lawsuit against the bank. The documents show that JPMorgan ended both private and commercial banking relationships.
Trump Seeks $5B After Account Closures
The bank also instructed Trump to find a more suitable financial institution. That directive appeared in formal communication referenced in the filings. The case marks the first time JPMorgan acknowledged the scope of the account closures on record. Until now, the bank had not detailed how many accounts it terminated.
Trump filed suit earlier this year and sought $5 billion in damages. He claims the bank acted for political reasons and caused financial harm. He claims that the ruling affected his reputation negatively and limited his access to financial services. JPMorgan refutes those allegations and claims that it was acting according to the risk guidelines.
Epstein Relationship Draws Fresh Attention
The disclosure has revived scrutiny over JPMorgan’s prior relationship with Jeffrey Epstein. The bank maintained accounts for Epstein years after his 2008 conviction. That relationship later sparked lawsuits from Epstein’s victims.
In 2023, JPMorgan agreed to pay $290 million to settle those civil claims. The settlement resolved allegations tied to how the bank handled Epstein’s accounts. Internal communications revealed executives had raised concerns before ending the relationship. However, the bank continued servicing Epstein for years after his conviction.
Critics now compare the two cases. They note that a convicted sex trafficker retained access to banking services for years. They also note that a sitting president lost more than 50 accounts within weeks of political unrest. That contrast has fueled public debate about client standards.
Legal Battle Expands Debanking Debate
Trump’s legal team argues that JPMorgan targeted him because of political pressure. They claim the bank placed him and his businesses on a blacklist. The lawsuit names senior leadership and seeks $5 billion in damages. JPMorgan maintains that the lawsuit lacks merit and defends its actions.
The bank states that it closes accounts that create legal or regulatory risk. It also insists that it does not make decisions based on political or religious beliefs. The court will now weigh those arguments as the case moves forward.
Meanwhile, lawmakers continue to question large banks about debanking practices. In August, the White House revealed plans to stop banks from closing accounts based on political or religious views. Some argue that financial institutions apply standards unevenly. Others defend banks’ authority to manage reputational and compliance risks. In 2024, French Hill pushed for fairness in financial regulations, targeting alleged political bias in Operation Chokepoint 2.0. The outcome of this case could shape how major banks handle high-profile clients in the future.
