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U.S. President Donald Trump has filed a lawsuit seeking at least $5 billion in damages against JPMorgan Chase and its chief executive, Jamie Dimon, accusing the bank of cutting off his financial services for political reasons following the January 6, 2021 Capitol riot.
The lawsuit was filed in Florida and alleges that the country's largest bank terminated Trump's personal and business accounts, as well as those of the Trump Organization and family members, without warning or any opportunity for appeal. Trump claims the decision amounted to "debanking" motivated by political and social considerations rather than legitimate financial risk.
According to the filing, Trump's legal team argues that JPMorgan placed him and related entities on an internal blacklist, effectively discouraging other banks from doing business with him. The lawsuit states that the decision was "final and unequivocal" and left the plaintiffs scrambling to find alternative banking arrangements, resulting in reputational and financial harm.
Trump has publicly claimed that JPMorgan and other major lenders, including Bank of America, rejected his deposits after the Capitol riot. Both banks have previously denied closing accounts for political reasons.
JPMorgan strongly rejected the allegations, saying the lawsuit lacks merit. In a statement, the bank said it does not close accounts based on political or religious beliefs, but rather due to legal, regulatory, or risk-related concerns. "We respect the President's right to sue us and our right to defend ourselves," the statement said.
The bank added that regulatory expectations can sometimes require it to end relationships that pose potential compliance risks, even when such decisions are difficult. JPMorgan shares moved slightly following reports of the lawsuit, trading modestly higher later in the day.
The legal action comes amid heightened political scrutiny of large financial institutions over so-called "debanking." Conservative figures have increasingly accused banks of
adopting "woke" policies that discriminate against certain individuals or industries, including firearms and fossil fuel companies. Banks have consistently denied those claims.
The case also unfolds as tensions rise between Trump and major banking leaders over economic policy. Dimon has recently criticized Trump's proposal to cap credit card interest rates at 10 percent, calling it a potential "economic disaster." He has also warned against actions that could undermine the independence of the Federal Reserve, remarks that Trump publicly dismissed.
Trump announced his intention to sue JPMorgan on social media earlier this month, shortly after reports surfaced that he had previously considered Dimon for a senior economic role. Trump denied the report and reiterated his accusations against the bank.
The White House has said the matter will be handled by the president's outside legal counsel. JPMorgan has indicated it will vigorously defend itself in court.
