Kanye West Responds After JP Morgan Chase Bank Cuts Ties With His Multi-Billion Dollar Yeezy Brand

JP Morgan Chase bank is reportedly cutting ties with Kanye West, terminating the accounts of his fashion brand Yeezy following his anti-Semitic social media rants.

Candace Owens, a well-known conservative seen with Kanye wearing a "White Lives Matter" shirt, posted on Twitter Wednesday what she said was a letter from JPMorgan Chase bank saying they are cutting ties with the rapper.

"I was told there was no official reason given, but they sent this letter as well to confirm that he has until late November to find another place for the Yeezy empire to bank," Candace wrote.

According to TMZ, the letter suggests that the decision was already final, and Kanye has until November 21 to move his business to another bank. This comes as the rapper is obviously in some pretty hot water. He has recently been criticized for making anti-Semitic comments in interviews and on social media.

Kanye has also gotten a lot of criticism for wearing the "White Lives Matter" shirt on his Yeezy brand show and daughter's basketball game. Nevertheless, Candace Owens seemed to be one of the few who backed Kanye West and jumped on that bandwagon.

Kanye West Reacts on JP Morgan Chase Bank's Cutting Ties With Yeezy Brand

Kanye West has reacted to the backlash he received over his anti-semitic comments, which resulted in dropping him on some of the brands he's been doing business with, like JP Morgan Chase.

As he left the screening of Candace Owen's new documentary on Wednesday night, the rapper told Page Six: "Hey, if you call somebody out for bad business, that means you're being anti-Semitic. I feel happy to have crossed the line of that idea so we can speak openly about things like getting canceled by a bank."

The rapper added that he was "the richest black man in American history that put $140 million in JPMorgan," ending the interview by saying he would "speak at a different time."

Last month, it was reported that Kanye and his bank, JPMorgan Chase & Co., where he had moved his money earlier, have been at odds.

According to Bloomberg, the rapper blasted executives Bill Grous at JPMorgan's wealth management business, investment banking Vice Chair Jing Ulrich and Chief Executive Officer Jamie Dimon on Instagram. Kanye said he could not get the CEO on the phone or a deal flow.

"I feel like there's a lot of controlling and handling to suppress my ability to affect the American economy and industry," the rapper said about his experience with the bank.

Kanye's complicated financial story goes back several years ago when he said he was burdened with millions in debt and even rapped about dying broke. But since then, the rapper has vastly turned around his fortunes.

Bloomberg looked at an unaudited balance sheet of his accounts from last year. It showed Kanye had $122 million in cash and shares, plus billions more in other assets like the Yeezy.

According to a private report by UBS Group AG, the Adidas partnership alone brought in $191 million in royalties for his Yeezy brand in 2020. Kanye earlier got help from Michael Cohen, the former lawyer and fixer of former President Donald Trump, who helped him with his personal matters.

Cohen said he no longer works with the rapper but was happy that the musician moved his money from a small Wyoming bank to JP Morgan Chase. Cohen told Bloomberg that the Wyoming bank "was not equipped to handle his businesses or him personally."

Kanye West's Anti-Semitic Comments and Wearing 'White Lives Matter' Shirt Criticized

Kanye West has always been good at stirring the pot, but earlier this month, he took them to a new level. His recent problems started on October 3, when "White Lives Matter" shirts were spotted on some models at his Yeezy fashion show during Paris Fashion Week.

Kanye also wore a shirt with the same phrase "White Lives Matter" on the back during the show and posed with Candace Owens for a picture.

The rapper's subsequent Instagram posts targeting fashion editor Gabriella Karefa-Johnson inflamed the situation. He also blasted Gigi Hadid and Hailey Bieber for supporting the fashion editor.

Then, he defended his words through Tucker Carlson's Fox News broadcast and said he used "White Lives Matter" because he thought it was "funny," Billboard noted.

Before this controversy died down, Kanye West sparked another issue with his "anti-Jewish" post. After posting anti-Semitic comments on Instagram and Twitter on October 8, the social media platforms took down his accounts. Ariana Grande, Diddy, John Legend, Jack Antonoff, and others have condemned his remarks.

This article is owned by Latin Post.

Written by: Bert Hoover

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