President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase and CEO Jamie Dimon on Thursday, accusing the nation’s largest bank of debanking him by closing multiple accounts as part of a political agenda. The lawsuit, filed in Miami-Dade County, Florida state court, alleges that JPMorgan violated its own policies by singling out Trump to ride the “political tide.”
JPMorgan Denies Political Discrimination
JPMorgan responded swiftly, stating the lawsuit “has no merit” and denying it closes accounts based on political or religious reasons. The bank maintains it terminates accounts that create legal or regulatory risk. JPMorgan shares closed up 0.5% following the announcement, with the bank expressing respect for Trump’s legal rights while defending its own position.
Intensifying Debanking Scrutiny Across Banking Industry
Trump’s lawsuit intensifies pressure on banks following months of criticism from Republican leadership. The Trump administration has actively pursued debanking claims, with similar cases filed against other lenders including Bank of America and Capital One. A December report from the Office of the Comptroller of the Currency found that nine large U.S. banks restricted services to certain industries between 2020 and 2023, including oil and gas, cryptocurrency, and firearm companies.
Trump alleges that Dimon ordered a malicious “blacklist” warning other banks against serving Trump and his family. The lawsuit also claims Trump suffered “extensive reputational harm” when forced to relocate accounts. JPMorgan counters that it regrets account closures but must follow regulatory expectations, particularly regarding legal and reputational risk standards that supervisors previously enforced.