February 22, 2026 – JPMorgan Chase has made a significant admission. For the first time, the bank confirmed it closed President Donald Trump’s accounts. The closures followed the January 6, 2021, Capitol attack.
The acknowledgement appeared in a court filing this week. It was part of Trump’s $5 billion lawsuit against the bank and its CEO, Jamie Dimon. Trump alleges the bank acted for political reasons.
What JPMorgan Actually Said
The bank’s former chief administrative officer, Dan Wilkening, stated the facts plainly. He stated that JPMorgan informed Trump in February 2021 about the closure of certain accounts. The affected accounts included both private and commercial banking.
JPMorgan still insists the lawsuit has no merit. The bank says it closes accounts due to legal or regulatory risk, not politics.
Why the Debanking Debate Matters
Debanking is no longer a fringe issue. It occurs when a bank closes a customer’s account or refuses to provide services to a customer. Conservative politicians have argued that banks used “reputational risk” to target them politically.
Trump’s legal team called the filing a “devastating concession”. They claim it proves intentional financial harm to Trump, his family, and his businesses.
The data tells a more nuanced story. A Reuters review of over 8,000 CFPB complaints found only 35 related to political or religious reasons. That undermines the narrative of systematic targeting.
The Broader Implications
This case could reshape how banks manage reputational risk. Trump has already signed an executive order restricting political debanking. Regulators are now moving to eliminate “reputational risk” as a valid reason for account closures.
A similar lawsuit against Capital One is also ongoing. The stakes for Wall Street are growing, and so is the political pressure.
