JPMorgan has cut ties with a Chinese tycoon who made the bank millions in revenue over the years — an unusual move that comes soon after US President Donald Trump raised similar grievances. Chinese businessman Tang Hao had been a notable client until the bank shut down his private account over ‘know-your-customer’ issues a few months ago. Shunning an investor with a disclosed large stake in a public company is an unusual move for a major private bank.
According to a Bloomberg report, Tang had been a key client for JPMorgan’s China private banking team. His ties with the bank reportedly ended ‘a few months ago due to know-your-customer issues’. He had held a $4 billion stake in AppLovin Corp (as of early 2025) after the US ad-tech firm’s shares surged more than 700% the previous year.
There has been no official confirmation — with JPMorgan telling Bloomberg that it was “unable to confirm whether any individual is a client”. But it is pertinent to note that shunning an investor with a disclosed large stake in a public company is an unusual move for any major private bank. Know-your-customer rules require banks to verify a client’s identity and source of funds to avoid potential illicit activity.
President Trump and others shunned by JPMorgan
The details emerged mere weeks after Trump sued the banking giant and CEO Jamie Dimon for closing his accounts. Documents released last month as part of the $5 billion lawsuit reveals JPMorgan Chase shared the update with Trump and his hospitality business in February 2021. No specific reason was provided for the account closures, and Trump has accused JPMorgan of violating its own policies by singling him out to ride the “political tide”. An official letter cited by Reuters adds that the bank can sometimes “determine that a client’s interests are no longer served by maintaining a relationship with JP Morgan Private Bank”.
“While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for. Our company does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so, but often rules and regulatory expectations lead us to do so,” began a subsequent statement from the company.
Another notable former client removed abruptly from the company records was Jack Mallers — the CEO of the popular Bitcoin lightning app Strike.
“Last month, JPMorgan Chase threw me out of the bank. It was bizarre. My dad has been a private client there for 30+ years. Every time I asked them why, they said the same thing: ‘We aren’t allowed to tell you’,” he wrote on social media in November last year.