The $5bn lawsuit alleges JPMorgan abruptly closed a number of accounts in 2021 slicing off Trump & his corporations from entry to funds.
Printed On 22 Jan 2026
United States President Donald Trump has sued banking large JPMorgan Chase and its CEO Jamie Dimon for $5bn, accusing JPMorgan of debanking him and his companies for political causes after he left workplace in January 2021.
The lawsuit was filed on Thursday in Miami-Dade County court docket in Florida. It alleges that JPMorgan abruptly closed a number of accounts in February 2021 with simply 60 days’ discover and no rationalization. By doing so, Trump claims JPMorgan reduce the president and his companies off from tens of millions of {dollars}, disrupted their operations and compelled Trump and the companies to urgently open financial institution accounts elsewhere.
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“JPMC debanked [Trump and his businesses] as a result of it believed that the political tide for the time being favored doing so,” the lawsuit alleges.
In an announcement, JPMorgan mentioned that it “regrets” that Trump sued them however insisted they didn’t shut the accounts for political causes.
“We consider the go well with has no advantage,” a financial institution spokesperson mentioned. “JPMC doesn’t shut accounts for political or non secular causes. We do shut accounts as a result of they create authorized or regulatory danger for the corporate.”
The White Home mentioned it’ll refer the matter to the president’s exterior counsel.
Banks have confronted rising political strain lately, significantly from conservatives who argue that lenders have improperly adopted “woke” political positions and, in some instances, discriminated in opposition to sure industries, resembling firearms and fossil fuels.
That strain has intensified throughout Trump’s second time period, with the Republican president claiming in interviews that some banks refused to offer providers to him and different conservatives. The banks have denied the allegation.
A US banking regulator mentioned final month that the 9 largest US banks prior to now had positioned restrictions on offering monetary providers to some controversial industries in a apply generally described as “debanking”.
Final 12 months, JPMorgan mentioned it was cooperating with inquiries from authorities companies and different entities concerning its insurance policies and procedures in gentle of the Trump administration’s push to scrutinise banks over alleged debanking.
Reputational danger
US regulators have examined themselves to see if overly strict supervisory insurance policies discouraged banks from offering providers to sure sectors.
Trump-led officers have additionally moved to loosen oversight, with federal financial institution regulators final 12 months saying they might cease policing banks primarily based on so-called “reputational danger”.
Beneath that strategy, supervisors may penalise establishments for actions that weren’t explicitly prohibited however may expose them to unfavourable publicity or expensive litigation.
Banks have more and more complained that the reputational danger customary is obscure and subjective, giving supervisors huge discretion to discourage corporations from offering providers to sure individuals or industries.
The trade has additionally argued that regulators must replace anti-money laundering guidelines, which may drive banks to shut suspicious accounts with out giving prospects a proof.
