I don't know for sure, but I suspect that many of these shutdowns are because of stricter KYC regulations on the banking side. JPMC and the other big banks are under increased pressure to make sure their clients are legit, and I know for a fact that the due dilligence process has gotten much more intense on the Private Banking/Private Wealth side.

These days, banks will literally cross-reference your name/SSN with databases from the SEC, OFAC, DOJ, FBI, etc. They'll even do Google searches on you. If something is off (pending felony criminal cases probably being among the worst red flags), that can be cause to drop you as a client. I'm not convinced this is some scheme to drop "unprofitable" credit card customers.

Many of you with JPMC banking accounts have probably received calls lately asking for additional information (income, net worth, etc.), which is also part of the "enhanced" KYC process. Not answering these questions could also be cause to drop you as a client.