Jamie Dimon says regulatory rules—not ideology—determine account closures
JPMorgan CEO Jamie Dimon has dismissed accusations that the bank closes accounts based on political or religious views. In a recent interview, Dimon stressed that debanking decisions follow regulatory obligations and risk protocols, not personal or partisan preferences.
Concerns around debannking intensified after several industry figures reeported unexpected account terminations. Bitcoin payments executive Jack Mallers claimed that his personal accounts were shut down without explanation, while individuals and companies linked to former President Donald Trump have also raised similar concerns.
Dimon firmly rejected the idea that political identity influencees these decisions. “We do not debank people for religious or political affiliations,” he said, adding that while the bank has ended relationships with customers across political and religious groups, those factors were never the reason for the closures. He emphasized that compliance requirements, suspicious activity flags, and risk assessments often force banks to act.
The CEO also criticized existing reporting rules, calling them customer-unfriendly and overly broad. He noted that he has been pushing for reform for more than a decade, arguing that banks should not be required to remove customers based solely on suspected issues or negative media coverage.
Dimon highlighted that JPMorgan only provides client information when legally compelled. “We’re subpoenaed; we are required by court,” he said, noting that this applies across multiple administrations. He urged policymakers to focus on fixing regulatory gaps rather than framing the issue as partisan conflict, emphasizing that pressure on banks has come from both political parties over many years.
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