Newly disclosed court filings reveal that JPMorgan Chase formally terminated banking relationships with former President Donald Trump and his hospitality enterprises in February 2021, precisely one month following the January 6th Capitol insurrection. The documentation emerged within the framework of a $5 billion litigation initiated by Trump against both the financial institution and its Chief Executive Officer, Jamie Dimon.
The correspondence, dated February 19, 2021, did not articulate specific grounds for the account closures. One communication indicated the bank’s prerogative to conclude client relationships when it determines the association no longer serves the institution’s interests. This development occurred amidst a broader pattern of corporate disengagement from Trump-affiliated entities subsequent to the Capitol siege, which included severed ties with legal representatives and the revocation of prestigious golf tournaments.
JPMorgan’s legal representatives have characterized the lawsuit as without merit, while simultaneously pursuing its transfer from Miami federal jurisdiction to New York courts, citing the latter’s more substantial connections to the dispute. Conversely, Trump’s legal counsel has portrayed the emergence of these termination letters as a pivotal admission that substantiates their allegations of politically motivated financial exclusion.
The former president’s legal team contends that the banking giant engaged in unlawful de-banking practices that inflicted significant economic detriment. Trump maintains that JPMorgan, as the nation’s premier banking institution, deliberately contravened its established protocols to align with contemporary political currents rather than objective financial criteria.