In February 2021, JPMorgan Chase informed President Donald Trump and his hospitality business that it was shutting down their accounts at the bank. This information comes from newly released documents related to a $5 billion lawsuit that Trump has filed against the bank and CEO Jamie Dimon.
Following the January 6, 2021, attack on the US Capitol by his supporters, several businesses severed ties with Trump. This included two law firms that had represented him and the Trump Organization, as well as the PGA of America, which removed Trump’s club in Bedminster, New Jersey, from hosting the 2022 PGA Championship.
The bank did not provide specific reasons for closing the accounts in its letters dated February 19, 2021. One letter stated that sometimes a client’s interests may not be aligned with maintaining a relationship with J. P. Morgan Private Bank.
A representative from JPMorgan did not respond immediately to a request for comments, nor did attorneys from Jones Day who represent the bank. The bank has previously described Trump’s lawsuit as lacking merit.
A spokesperson for Trump’s legal team mentioned that revealing these letters is “a devastating concession that proves President Trump’s entire claim.”
According to Trump’s legal team spokesperson, JPMorgan has “admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm.”
Trump accuses JPMorgan-the largest bank in the US-of breaching its own policies by targeting him due to shifting political sentiments.
The letters about account closures were submitted on Friday as part of JPMorgan’s motion to transfer Trump’s lawsuit from Miami federal court to New York.
The bank stated in its motion that “the overwhelming connections this dispute has to New York reinforce this result.”
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