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JPMorgan Admits Closing Trump’s Accounts, Seeks Federal Court Transfer in $5 B Lawsuit

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  • FILE – Jamie Dimon, CEO of JPMorgan Chase, speaks at the America Business Forum, Thursday, Nov. 6, 2025, in Miami. (AP Photo/Rebecca Blackwell, file)
    FILE – Jamie Dimon, CEO of JPMorgan Chase, speaks at the America Business Forum, Thursday, Nov. 6, 2025, in Miami. (AP Photo/Rebecca Blackwell, file)
    Image: Newsweek
    FILE – Jamie Dimon, CEO of JPMorgan Chase, speaks at the America Business Forum, Thursday, Nov. 6, 2025, in Miami. (AP Photo/Rebecca Blackwell, file) Source Full size
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    Image: AP
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  • FILE – Jamie Dimon, CEO of JPMorgan Chase, speaks at the America Business Forum, Thursday, Nov. 6, 2025, in Miami. (AP Photo/Rebecca Blackwell, file)
    FILE – Jamie Dimon, CEO of JPMorgan Chase, speaks at the America Business Forum, Thursday, Nov. 6, 2025, in Miami. (AP Photo/Rebecca Blackwell, file)
    Image: Newsweek
    FILE – Jamie Dimon, CEO of JPMorgan Chase, speaks at the America Business Forum, Thursday, Nov. 6, 2025, in Miami. (AP Photo/Rebecca Blackwell, file) Source Full size
  • None
    None
    Image: AP
    Source Full size

JPMorgan Publicly Acknowledges Account Closures After Capitol Attack JPMorgan Chase disclosed in a February 2026 court filing that it terminated private‑bank and commercial‑bank accounts belonging to Donald Trump and several of his businesses. The closures were executed in February 2021, roughly one month after the Jan. 6, 2021 Capitol riot. The admission appears in the same filing that outlines Trump’s $5 billion lawsuit against the bank and its CEO Jamie Dimon. [1][2]

February 19 Letter Gave Two‑Month Transfer Window The bank’s February 19, 2021 notice addressed to Trump Organization controller Jeffrey McConney instructed the firm to move its accounts. JPMorgan promised to keep services active until April 19, 2021, effectively granting a two‑month grace period for fund relocation. Both AP and Newsweek cite the same letter as evidence of the timing and method of the closures. [1][2]

Trump’s Lawsuit Accuses JPMorgan of Political ‘Debanking’ In January 2026 Trump filed a $5 billion suit alleging the bank acted on a “reputational blacklist” and “woke” bias to shut down his accounts. The complaint includes claims of trade libel, violations of state and federal unfair‑and‑deceptive trade practices statutes, and seeks damages for the alleged debanking. Trump also denied a Wall Street Journal report that he offered Dimon the Federal Reserve chairmanship, calling it false in a Truth Social post. [1][2]

JPMorgan Seeks Transfer to Federal Court, Awaits Blacklist Definition JPMorgan’s attorneys have moved to shift the case from Florida state court to federal court in New York, arguing the accounts were held there and most of Trump’s operations are based in the state. The bank stated it will address the “blacklist” allegation only after the plaintiffs define the term, maintaining that the lawsuit lacks merit. This procedural request and conditional response were detailed in the same filing referenced by both outlets. [1][2]

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Timeline

2018 – Dimon and Trump clash in a public exchange, marking the start of a personal feud that resurfaces in later banking disputes [2].

Jan 6, 2021 – The Capitol attack triggers heightened regulatory scrutiny, and JPMorgan later cites the event as a factor in its decision to close Trump‑related accounts [1].

Feb 19, 2021 – JPMorgan sends a letter to Trump Organization controller Jeffrey McConney giving a two‑month window until April 19 to transfer funds, formally notifying the closure of private‑bank and commercial accounts [4][6].

2025 – Trump sues Capital One over alleged “debanking,” establishing a pattern of litigation against banks he claims discriminate for political reasons [7].

Jan 17, 2026 – Trump posts on Truth Social that a Wall Street Journal report claiming he offered Dimon the Fed chairmanship is “totally untrue,” and he announces intent to sue JPMorgan for “incorrectly and inappropriately DEBANKING” him [4].

Early Jan 2026 (Davos) – Dimon tells Davos attendees that the administration’s proposed 10 % credit‑card interest‑rate cap would be an economic disaster, directly challenging Trump’s affordability plan [2][3].

Early Jan 2026 – A Yale Chief Executive Leadership Institute survey finds about 80 % of CEOs believe Trump’s pressure on the Federal Reserve harms America’s interests, underscoring broad corporate opposition to his policies [2].

Jan 22, 2026 – Trump files a Florida state‑court lawsuit seeking $5 billion from JPMorgan and Dimon, alleging the February 2021 account closures were politically motivated “debanking” that cost his businesses millions [1][5][7].

Jan 22, 2026 – The complaint states Trump asked Dimon about the closures, Dimon promised to investigate, but no follow‑up occurs, supporting Trump’s claim of a personal assurance breach [7].

Jan 22, 2026 – The lawsuit alleges JPMorgan placed Trump and his companies on a “reputational blacklist” shared with other banks, effectively preventing future account openings [7][6].

Feb 21‑22, 2026 – JPMorgan publicly acknowledges in a court filing that it terminated Trump‑related accounts after the Jan 6 attack, confirming the February 2021 closures and seeking to move the case from Florida state court to federal court in New York [6][4].

Feb 22, 2026 – JPMorgan files a motion to transfer the dispute to federal jurisdiction in New York, arguing the accounts were held there and most Trump businesses operate from that state [4].

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