JPMorgan disclosure on Trump's accounts reinforces debanking dispute risk, WellsFargo analyst says
JPMorgan Chase's JPM.N disclosure last week on U.S. President Donald Trump's bank accounts increases non-legal risks as it keeps bank's debanking dispute in headlines, Wells Fargo analyst Mike Mayo says
JPM told Trump and his hospitality business in February 2021 it was closing their accounts at the bank, according to new documents released Friday, as part of a $5 billion lawsuit Trump has filed against the bank and CEO Jamie Dimon.
"This factual confirmation is incremental to the previously known case. It keeps de-banking front and center. It increases JPM-specific exposure to a potential prolonged process," Mayo says
JPM has previously said that Trump's suit is meritless and denied that it closes accounts for political or religious reasons
"A solid defense doesn’t eliminate second-order risk: headlines, tougher supervision, policy friction, and narrative risk can arise regardless of court outcomes—more about power asymmetry than legal weakness," Mayo says
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