1 of 2 | Chairman and CEO of J.P. Morgan Chase Jamie Dimon, pictured in 2023, has been named in a lawsuit filed by President Donald Trump against the bank for closing his accounts after the Jan. 6 insurrection at the U.S. Capitol. File Photo by Bonnie Cash/UPI | License Photo
JPMorgan says it shuttered over 50 of President Donald Trump’s accounts following the Jan. 6 Capitol attack in 2021.
The news comes after a court filing in the president’s $5 billion lawsuit accusing the nation’s biggest bank of “debanking” him and associated entities for “political and social” reasons revealed that it had closed the accounts after the attack.
“While we regret President Trump has sued us, we believe the suit has no merit,” the bank said at the time. “We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so.”
“We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support the Administration’s efforts to prevent the weaponization of the banking sector,” the statement continued.
JP Morgan executive Dan Wilkening said correspondence related to the account closures was sent in February 2021.
“We may determine that a client’s interests are no longer served by maintaining a relationship,” one such letter reads, Fox Business reported. “With that in mind, this letter is to respectfully inform you that we will need to end our current relationship.”
Jamie Dimon, JP Morgan CEO and a defendant in Trump’s suit, had previously denied ousting customers over political or religious beliefs.
The case was initially filed in Florida, and the bank has asked that it be moved to New York, The New York Times.
White House hosts governors for annual dinner
U.S. President Donald Trump speaks during the annual Governors’ Dinner in the East Room of the White House on Saturday. Photo by Samuel Corum/UPI | License Photo
