JPMorgan Chase Defies Claims to Seize Accounts Over Religious Views

JPMorgan Chase, one of the oldest financial based institutions based in the United States, is accused of closing accounts and discriminating against users because of their political and religious beliefs. Attorneys of 19 Republican states imposed the allegations.

The Wall Street Journal has reviewed the letter sent to JPMorgan and its Chief Executive Officer Jamie Dimon Republicans representing 19 states claim that the bank has canceled major organizations checking accounts and questioned them, focusing on Politics and religion.

According to the attorney general, JPMorgan has “Unexpectedly” closed the National Committee for Religious Freedom(NCRF) checking accounts. It is a non-profit organization that primarily protects the constitutional rights of religious freedom so that Americans can peacefully and publicly exercise their religious beliefs.

The complaint states that a current employee at JPMorgan said that the bank might retrieve NCRF’s accounts if the organization successfully presented the list of its donors in front of bank authorities. Steve Marshall of Alabama and Daniel Cameron of Kentucky duly signed the complaint letter.

While talking to WSJ, a US-based financial giant’s representative said, “The bank never closed any of the accounts due to clients’ religious and political affiliation and have not done so in these cases.” Majorly, the letter details that JPMorgan argued not to reveal its policy of closing accounts to the Securities and Exchange Commission.

JPMorgan Chase Major Investment and Acquisitions

According to data from Crunchbase, the bank has acquired more than 18 organizations, including First Republic Bank, Aumni, Global Shares, FROSCH, Frank Financial Aid, The Infatuation, InstaMed, WePay, and J.P. Morgan Cazenove. On 1 May 2023, First Republic Bank collapsed, and on the same day, it was acquired by JP Morgan Chase at an undisclosed amount.

The data also reveals that the bank has invested in more than 150 leading companies, including Metro Detroit Black Business Alliance, Chicago Commons, Tilia, DreamSpring, Leeward Renewable Energy LLC, Realty Income Corporation, and Azenta Life Sciences. Recently W.P. Carey has raised €500M, and JP Morgan participated in the funding round as one of the major investors.

There are more than 3k institutional shareholders of JP Morgan Chase. Some giant holders are Vanguard Group Inc, BlackRock Inc, Capital World Investors, Morgan Stanley, FMR LLC, Northern Trust Corporation, and many more.

At press time, NYSE: JPM stock of JP Morgan was trading at $134.10 with a 24-hour trading volume of 9.989 Million. In the trading session of six months, JPM stock prices rose over 6%, and in the monthly trading session, prices uplifted around 5.79%.

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