JPMorgan admits for the first time it closed Trump’s accounts after the Jan. 6 attack as lender fights his $5 billion ‘debanking’ lawsuit
Fortune
by Ken Sweet, The Associated PressFebruary 22, 2026
AI-Generated Deep Dive Summary
JPMorgan Chase has admitted for the first time that it closed former President Donald Trump's bank accounts following the January 6, 2021, Capitol attack. This admission came in court filings related to Trump's ongoing $5 billion lawsuit against JPMorgan and its CEO Jamie Dimon. The president claims his accounts were closed for political reasons, disrupting his business operations.
The case revolves around "debanking," the practice of banks closing or refusing services to certain customers. Trump's legal team argues that JPMorgan placed him on a reputational blacklist used by other banks to prevent doing business with certain clients. While JPMorgan has denied any wrongdoing, this acknowledgment could strengthen Trump's claims.
Debanking has become a politically charged issue, particularly among conservatives who believe it is being used as a tool for political repression. This lawsuit highlights the broader debate over whether financial institutions should be allowed to make decisions based on customers' political affiliations.
The legal battle also raises questions about the impact of debanking on business operations. If successful, Trump's case could set a precedent, potentially holding banks accountable for such practices. However, JPMorgan maintains that the lawsuit lacks merit and insists it operates within established banking policies.
This case not only sheds light on the inner workings of major financial institutions but also underscores the growing tension between politics and finance in modern business. The outcome could have significant implications for both individual consumers and the broader banking industry.
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Originally published on Fortune on 2/22/2026