• JPMorgan Chase admitted to closing Donald Trump's bank accounts following the January 6 Capitol attack.
• The admission comes amidst a $5 billion lawsuit filed by Trump against the bank.
• Trump's legal team alleges intentional debanking led to significant financial harm.
• The bank acknowledges accounts were closed but refrains from disclosing detailed reasons.
• The case reflects growing concerns over "debanking" as a political issue.

JPMorgan Chase has publicly acknowledged for the first time that it closed the bank accounts of President Donald Trump and several of his businesses in the wake of the January 6, 2021, attack on the U.S. Capitol. This revelation is part of ongoing legal proceedings in a lawsuit that Trump has filed seeking $5 billion in damages, claiming the bank acted for political reasons that disrupted his business operations, according to Reuters, Los Angeles Times, and Channel News Asia.

The acknowledgment emerged in court documents filed this week, where JPMorgan's former chief administrative officer, Dan Wilkening, stated that in February 2021, the bank informed Trump that specific accounts within its private and commercial banking sectors would be closed. Previously, the bank had refrained from confirming any closures related to Trump’s accounts due to privacy policies, according to Los Angeles Times and Reuters.

In Trump's lawsuit, he alleges that JPMorgan placed him and his businesses on a reputational "blacklist," a claim that remains to be defined, while the bank's representatives suggest they will respond once more details are provided. Trump's legal team asserts that the closure of his accounts constitutes an unlawful act of debanking that has caused significant financial harm to him and his business ventures, according to Channel News Asia and Reuters.

The debate surrounding "debanking" has surged in prominence, emerging as a contentious issue in American finance, often linked to political affiliations. Critics, including Trump, have claimed that banks are using reputational risk as a facade to discontinue service to politically unpopular clients. This situation escalated following the January 6 Capitol riots, which Trump was impeached for inciting. Allegations of similar practices have surfaced against other institutions, notably a lawsuit involving Capital One filed by the Trump Organization in 2025, underscoring a broader trend of financial disenfranchisement affecting politically conservative individuals, according to Los Angeles Times and Channel News Asia.