JPMorgan closed Trump accounts after Jan. 6 attack - Investing.com
JPMorgan Chase & Co. closed accounts belonging to Donald Trump and his hospitality business in February 2021, with notifications indicating the bank may have determined that maintaining the relationship was no longer appropriate, though no specific reason was cited. Trump alleges that the bank’s actions were politically motivated and violated its policies, while JPMorgan has called the lawsuit without merit. The case is currently being considered for move from a Miami federal court to New York.
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Investing.com -- JPMorgan Chase & Co (NYSE:JPM) informed President Donald Trump and his hospitality business in February 2021 that it would close their bank accounts, according to newly disclosed letters included in court filings tied to Trump’s $5 billion lawsuit against the bank and its CEO Jamie Dimon.
The letters, dated Feb. 19, 2021, did not cite a specific reason for ending the relationship. In one of the notices, JPMorgan said it may determine that a client’s interests are “no longer served” by maintaining a relationship with its private banking unit.
Several companies and organizations distanced themselves from Trump in the weeks following the Jan. 6, 2021 attack on the U.S. Capitol, including law firms and the PGA of America, which withdrew a planned championship event from Trump’s golf club in Bedminster, New Jersey.
Trump alleges JPMorgan singled him out for political reasons, accusing the bank of violating its own policies by closing accounts tied to him, his family and related businesses. A spokesperson for Trump’s legal team said the disclosure of the letters supports claims that the accounts were improperly terminated.
JPMorgan has previously said the lawsuit is without merit. Representatives for the bank and its legal counsel at Jones Day did not immediately respond to requests for comment.
The letters were filed as part of JPMorgan’s motion to move the case from a Miami federal court to New York, with the bank arguing that the dispute has stronger ties to New York.
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