Some major US banks are facing federal investigations for allegedly illegally terminating services.

According to a source familiar with the matter, federal prosecutors in the United States are investigating whether some large banks on Wall Street illegally terminated business dealings with certain clients for political reasons. The source said that the investigation into these allegations of "unilateral termination of services by banks" is being led by Washington D.C. federal prosecutor Jeanine Pirro. The Wall Street Journal reported earlier on Wednesday that Pirro has issued subpoenas to several banks, including JPMorgan Chase and Bank of America.