JPMorgan Chase and Bank of America cut ties with President Trump after January 6, reportedly following pressure from the Biden administration’s financial regulators and the Federal Reserve, sources familiar with the matter told The New York Post.
The decision to remove Trump and his accounts holding tens of millions of dollars came amid warnings from the Office of the Comptroller of the Currency, the FDIC, and the Federal Reserve that doing business with him could violate vague “reputational risk” guidelines.
Sources at both banks, the two largest in the country, confirmed the move was driven by concerns over Trump’s role in the Capitol protests and the regulatory fallout that followed. Banking officials said they were urged to treat Trump as a high-risk client, similar to how institutions handle money launderers or drug traffickers, and warned that servicing such accounts could lead to increased scrutiny or financial penalties.
“In 2021, Trump was a hot potato,” one executive told The Post. “Regulators made it clear we shouldn’t do business with him.” A JPMorgan source added that regulators “put the fear of God in you” when it came to clients like Trump.
Trump disclosed Tuesday in an interview with CNBC that both JPMorgan and Bank of America denied him services shortly after his first term ended, weeks after the January 6 protest.
