JPMorgan’s $2.32B Volume Ranks 35th as Shares Drop 1.51% Amid Account Closure Controversy

JPMorgan Chase (JPM) fell 1.51% on August 7, 2025, with a trading volume of $2.32 billion, ranking 35th in the market. A letter revealed by Reuters showed the bank denied allegations that it closed an account linked to former Kansas Governor Sam Brownback on religious grounds. Brownback, a Republican and head of the National Committee for Religious Freedom, claimed the 2022 account cancellation was politically motivated, accusing Chase of favoring progressive groups over conservatives. JPMorgan attributed the closure to incomplete due diligence under anti-money laundering regulations, stating it did not receive requested information from Brownback’s team before the account was terminated. The bank emphasized its policies are not influenced by religious or political affiliations.

The controversy has drawn attention amid broader debates over "debanking" practices. President Donald Trump has repeatedly criticized major banks for allegedly discriminating against conservative clients. JPMorgan’s Larry Thode, a managing director, clarified in the letter that the account closure was unrelated to Brownback’s affiliations but stemmed from procedural requirements under the Bank Secrecy Act. Brownback’s spokesperson noted the bank had never previously cited regulatory compliance as a reason for the closure, questioning the timing of the account’s termination just three weeks after opening. The White House declined to comment on the case.

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