JPMorgan Chase informed Kanye West this week that the bank is canceling its relationship with his companies and told him to find a new bank.
What are the details?
Candace Owens, a friend of West, posted to Twitter late Tuesday an email that West received from JPMorgan Chase. The message said the bank is canceling West’s services by Nov. 21.
The email said, in part:
We are sending this letter to confirm our recent discussion with [redacted] that JPMorgan Chase Bank, N.A (the “Bank”) has decided to end its banking relationship with Yeezy, LLC and its affiliated entities (collectively, the “Company”). To provide the Company with sufficient time to transition to another financial institution, we will continue to maintain the accounts (attached as Exhibit A), including all related products and services, until November 21, 2022.
To avoid any transaction delays, we suggest that you stop processing Company transactions and/or using any products associated with the accounts five business days before the scheduled closure date set forth above. After that date, the Bank will close any open accounts, and after deduction of any permissible service charges and pending transactions, remit all remaining funds in the form of a check delivered to the Company at the address of record.
The message, however, does not disclose why JPMorgan Chase chose to end its relationship with West and his companies.
TheBlaze reached out to JPMorgan Chase, but the bank declined to comment. However, the New York Times reported Thursday that it confirmed JPMorgan Chase is ending its banking services with West.
What is the background?
The development comes as West faces backlash for a recent wave of anti-Semitic comments. At one point, his massively popular Twitter and Instagram accounts were restricted for posting controversial remarks.
Meanwhile, West has been openly critical of JPMorgan Chase recently, rebuking “executives Bill Grous at JPMorgan’s wealth management business, investment banking Vice Chair Jing Ulrich and Chief Executive Officer Jamie Dimon,” Bloomberg reported last month.
“I feel like there’s a lot of controlling and handling to suppress my ability to affect the American economy and industry,” West told Bloomberg of the bank.