Trump Accuses JPMorgan Chase Of ‘Political Debanking’ In $5 Billion Lawsuit

Topline

President Donald Trump sued JPMorgan Chase and its CEO Jamie Dimon on Thursday over claims the bank terminated his bank accounts following the Jan. 6 Capitol attack, according to multiple outlets, seeking at least $5 billion from the bank.

The lawsuit was filed Thursday.

Photo by Harun Ozalp/Anadolu via Getty Images

Key Facts

JPMorgan said in a statement the lawsuit “has no merit,” adding it does not close accounts for political or religious reasons but does close them “because they create legal or regulatory risk for the company.”

“We regret having to do so but often rules and regulatory expectations lead us to do so,” the bank added.

The president’s lawsuit, filed in Florida state court, claims JPMorgan cut off banking services from Trump for political reasons, citing Florida law that prohibits lenders from disengaging with a person or business “based on their political opinions, speech or affiliations,” Bloomberg reported.

The lawsuit also alleges JPMorgan and Dimon “unlawfully and unjustifiably” published Trump’s name, his family and the Trump Organization on a blacklist allegedly accessible by regulated banks and made up of people and businesses noncompliant with banking rules, according to Fox News.

The bank accounts held by Trump and his business entities were closed a few months after the Jan. 6 Capitol attack, which Trump has been accused of inciting in a move that led to multiple companies cutting political donations.

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Forbes Valuation

We estimate Dimon’s net worth at $2.9 billion as of Thursday, up from $2.4 billion last year.

What Other Banks Has Trump Accused Of Debanking?

The Trump Organization and Eric Trump, the president’s second son, sued Capital One last year for “debanking” them, accusing the lender of denying financial services for “political and social motivations and Capital One’s unsubstantiated, ‘woke’ beliefs.” The case is still ongoing. Trump has also accused Bank of America of politically targeted “debanking,” but has not brought a formal lawsuit against the lender.

Key Background

Trump said in a Truth Social post last week he intended to sue Dimon and JPMorgan. The relationship between the president and Dimon has fluctuated since Jan. 6, 2021, when Dimon pushed back against Trump’s denial of the 2020 election results and condemned the violence at the Capitol. In 2024, Dimon unexpectedly praised Trump at the World Economic Forum, saying the president was “kind of right about Nato, kind of right on immigration,” adding, “He grew the economy quite well.” Dimon was speculated to be one of Trump’s candidates for Treasury Secretary, though Trump shot down the idea that year and did so again last week, saying Treasury Secretary Scott Bessent is “doing a fantastic job.” JPMorgan Chase was one of several companies that cut ties with Trump following Jan. 6. Google, Microsoft and Meta (then Facebook), paused their political spending in the wake of the insurrection. Meta, like Twitter, also suspended Trump from its platform, which later resulted in the companies settling with the president in 2025 for $25 million and $10 million, respectively. JPMorgan Chase, Goldman Sachs, Bank of America and Wells Fargo all suspended donations through their PACs following Jan. 6.