Nikolas Sargeant
JPMorgan has acknowledged closing accounts linked to Donald Trump following the January 6, 2021 Capitol attack, marking the first time the largest US bank has admitted the de-banking on record according to court documents.
Dan Wilkening, JPMorgan's former chief administrative officer, confirmed the bank decided to close accounts tied to Trump in a case involving the president's lawsuit against the institution. "In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan's CB [commercial bank] and PB [private bank] would be closed," Wilkening wrote in court filings seen by Fortune and CNBC.
Trump's lawsuit, filed in late January, alleges the bank unlawfully terminated accounts for political reasons, placing him and his family on a reputational "blacklist." The suit seeks $5 billion in damages, with legal representation characterizing JPMorgan's admission as a "devastating concession" proving the case.
"JPMorgan Chase admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm," Trump's legal team stated. JPMorgan spokeswoman Trish Wexler responded: "While we regret President Trump has sued us, we believe the suit has no merit."
Wexler stated the bank closes accounts posing legal or regulatory risk but does not terminate accounts for political or religious reasons. "We regret having to do so, but often rules and regulatory expectations lead us to do so," she explained.
The de-banking reportedly catalyzed the Trump family's cryptocurrency involvement. Eric Trump has stated on multiple occasions the family embraced digital assets after being "debanked" following the Washington, DC events. "Capital One stripped 300 bank accounts from me in the middle of the night," Eric Trump told Fox News in August, characterizing cryptocurrency adoption as having no alternative.
The experience ultimately led to establishment of World Liberty Financial, the Trump family's cryptocurrency platform, while the president has championed cryptocurrency-friendly regulation during his second White House term.
