JPMorgan and Bank of America Cut Ties with Trump
Hunt Valley, Maryland – JPMorgan and Bank of America have reportedly ended their business relationships with former President Donald Trump due to his role in the Capitol Riot, as noted by the New York Post on January 6, 2021. Information emerging on Tuesday indicated that JPMorgan closed Trump’s account, while Bank of America refused to provide him with services.
According to sources with direct knowledge, the decision was influenced by regulators from the Biden administration, who suggested that retaining a Trump account could pose a reputational risk for the banks. It was implied that these risks were serious enough to warrant such actions.
One bank executive acknowledged during a conversation with the New York Post that concerns about reputation played a significant role in their decision not to engage with Trump. The report indicated that agencies like the Federal Reserve and the Federal Deposit Insurance Corporation viewed involvement with Trump as something that could damage their standing.
A JPMorgan executive further elaborated on the prevailing atmosphere, stating that regulators instilled a sense of caution regarding dealings with individuals like Trump. “It’s like he’s been a hot potato since January 6. They’ve made their standpoint clear: no business with him,” they noted.
Banking executives confirmed these insights to the New York Post’s National News Desk. Meanwhile, JPMorgan Chase spokesperson Lauren Bianchi remarked that the account closure wasn’t motivated by political factors.
In a recent interview, Trump criticized institutions like JPMorgan and Bank of America for what he called discrimination against him and his supporters. He claimed these banks, under pressure from the Biden administration, aimed to undermine him.
“I had JPMorgan Chase… I held hundreds of millions. I had significant cash in multiple accounts, and suddenly they told me, ‘Sorry, we can’t work with you.’ I thought, ‘This is a joke. I’ve been a customer for 35 or 40 years.’” Trump expressed uncertainty about how to manage his finances moving forward, mentioning that Bank of America CEO Brian Moynihan turned down his business, stating he wasn’t interested.
The New York Post report has not been independently verified, and attempts to reach out for comments from Bank of America, the Biden administration, and the Federal Reserve were unsuccessful.
