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Trump Sues JPMorgan and Jamie Dimon for $5 Billion Over Alleged ‘Political Debanking’
President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, alleging that the nation’s largest bank unlawfully “debanked” him and related business entities for political reasons following the January 6, 2021 Capitol riot.
The lawsuit, filed Thursday in Florida state court in Miami-Dade County, claims JPMorgan abruptly closed Trump’s personal and business accounts in early 2021 as part of what it calls a politically motivated effort to distance the bank from Trump and his conservative views.
“He debanked me,” Donald Trump told reporters this week. “He shouldn’t be debanking. It’s so wrong. Jamie Dimon is not allowed to do what he did.”
Trump Alleges Political Discrimination and Blacklisting
According to the complaint, Trump and affiliated entities—including Trump Payroll Corp. and multiple limited liability companies—had been JPMorgan clients for decades before being notified in February 2021 that their accounts would be closed with 60 days’ notice.
The lawsuit alleges the closures were driven by what it describes as JPMorgan’s “woke political beliefs” and claims the bank believed “the political tide at the moment favored” severing ties with Trump after his election loss to former President Joe Biden.
In a more explosive allegation, Trump claims JPMorgan—under Dimon’s direction—placed him and related entities on an industry “blacklist” accessible to other federally regulated banks, effectively preventing him from securing alternative banking relationships. The complaint alleges this constituted trade libel, breach of good faith, and violations of Florida’s Unfair and Deceptive Trade Practices Act.
The lawsuit does not name the alleged blacklist or specify evidence supporting the claim.
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JPMorgan Denies Claims, Cites Regulatory Risk
JPMorgan Chase strongly denied Trump’s allegations, stating that the account closures were based on legal and regulatory risk, not politics.
“JPMC does not close accounts for political or religious reasons,” said bank spokeswoman Patricia Wexler. “We do close accounts because they create legal or regulatory risk for the company.”
Wexler added that JPMorgan has repeatedly urged both current and prior administrations to reform banking regulations that place institutions in difficult compliance positions, emphasizing that the lawsuit “has no merit.”
Context: Regulation, Politics, and Wall Street
The lawsuit comes amid broader political debate over so-called “debanking,” a term Trump has used to accuse major financial institutions of discriminating against conservatives. Trump previously criticized JPMorgan and Bank of America during appearances at the World Economic Forum in Davos, and last year signed an executive order aimed at curbing banks’ ability to deny services based on political or religious beliefs.
Legal experts remain skeptical. Peter Conti-Brown, a Wharton professor, called the lawsuit “frivolous,” noting that banks are not obligated to serve clients they view as financial or reputational risks.
The case also lands as JPMorgan disclosed a 10.3% pay increase for Jamie Dimon, bringing his 2025 compensation to $43 million, following strong profits and a 34% rise in the bank’s stock last year.
