JPMorgan Chase will officially end its banking relationship with Kanye West’s Yeezy, LLC, following weeks of controversial news headlines and negative backlash.
In an official statement to the multi-hyphenate artist and his team, the investment bank and financial services holding company sent notice that a recent discussion led to it deciding to end its banking relationship with YEEZY and its affiliated entities.
The statement goes on to note that JPMorgan Chase will offer sufficient time to transition to another financial institution, maintaining accounts, including all products and services, until November 21. After the date, YEEZY’s open accounts will be closed, after the deduction of any permissible service charges and pending transactions.
It is currently unclear why JPMorgan Chase has decided to end its banking relationship with YEEZY, but this isn’t the first business relationship that’s reaching closure. As of recent Ye decided to end his partnership with GAP and his adidas deal is under review.
Comments shared with Page Six, Ye appeared to confirm JPMorgan Chase’s letter was real. The New York Times’ Dealbook later confirmed that Ye’s account is being closed.
“Hey, if you call somebody out for bad business, that means you’re being antisemitic,” Ye said. “I feel happy to have crossed the line of that idea so we can speak openly about things like getting canceled by a bank.” He later called himself “the richest Black man in American history.” He cut himself off, as seen in the clip and said he would discuss the matter further “at a different time.”
NEWS: JPMorgan Chase has decided to end its banking relationship with Kanye West’s Yeezy, LLC pic.twitter.com/H9kxF0bM9k
— Exec Sum (@exec_sum) October 13, 2022
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