JPMorgan Chase & Co. confirmed on Friday that it closed multiple banking accounts linked to U.S. President Donald J. Trump in February 2021, roughly one month after the Jan. 6 attack on the U.S. Capitol. The bank did not cite Trump’s political status in announcing the closures, but said the decision was based on a standard internal review process.
In a brief statement issued to Reuters, JPMorgan said the accounts were closed “in the ordinary course of business and consistent with its contract terms.” The bank declined to comment further on specific reasons or to disclose which accounts were affected. Trump has had longstanding legal and financial disputes with the bank.
The closure has drawn attention in the United States because Trump maintains a strong influence among Republican voters and has frequently attacked financial institutions he believes have been hostile to him. In recent years, Trump has publicly criticized JPMorgan and its leadership, including Chief Executive Jamie Dimon, whom he has blamed for biased treatment.
Trump’s relationship with JPMorgan dates back to the early years of his business career, with the bank once a key lender to some of his properties. However, that relationship frayed following the bankruptcy of several Trump-owned golf courses and other ventures.
The closures come amid a broader debate in the United States over what role financial firms should play in responding to political extremism and risk. Some critics of the bank’s action argue that private companies exercising their rights to choose customers can have political implications, while supporters say firms must manage risk and reputational concerns.
JPMorgan’s confirmation follows reporting earlier this week that Trump’s accounts at the bank were shut shortly after the violent breach of the U.S. Capitol on Jan. 6, 2021, when supporters of the president stormed the building in an effort to overturn the 2020 election results.