Banking breakup between Ye, JPMorgan planned for weeks

By KEN SWEET
AP Business Writer

NEW YORK (AP) — JPMorgan Chase and the rapper formerly known as Kanye West are ending their business relationship, but the breakup is not a result of the controversy over the hip-hop star’s recent antisemitic comments.

The letter ending West’s relationship with JPMorgan was tweeted Wednesday by conservative activist Candice Owens, who has been seen publicly at events with the rapper, who is now legally known as Ye.

While Owens claimed that JPMorgan did not disclose the reason for severing ties, the letter was sent to West on Sept. 20, according to a person familiar with the matter who was not authorized to speak about it publicly. The decision was made after Ye publicly said he was going to cut off ties with the bank. JPMorgan is giving West 60 days from the date of the letter to find a new banking relationship.

West told Bloomberg News on Sept 12 that he planned on cutting much of its corporate ties, saying he “It’s time for me to go it alone.” In that interview, he also criticized JPMorgan for not giving Ye access to Jamie Dimon, the bank’s CEO and chairman.

While Ye is wealthy from his hip-hop career, he also controls a popular fashion and shoe line under Yeezy Brands. In that interview with Bloomberg, he said he also planned to cut relationships with his corporate suppliers as well.

Social media giants Twitter and Instagram have blocked Ye’s accounts from posting in recent days due to his antisemitic comments.