President Donald Trump has filed a $5bn (£3.7bn) lawsuit against JPMorgan Chase, accusing the United States’ largest bank of illegally closing his accounts for political reasons. The complaint also names CEO Jamie Dimon, alleging that Trump and his businesses suffered “considerable financial and reputational harm” after the accounts were abruptly shut in 2021.
The lawsuit comes nearly five years after the bank decided to sever its relationship with Trump following the January 6, 2021 Capitol riot, when supporters of the then-president stormed Congress in an attempt to block the formal ratification of election results. Trump claims the decision was politically motivated, citing what he described as a “systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views.”
In the court filing, obtained by CBS, Trump alleges that JPMorgan’s action was driven by “unsubstantiated, ‘woke’ beliefs” that the bank needed to distance itself from his conservative political positions. The complaint also accuses the bank of trade libel for allegedly placing Trump, his family, and his businesses on a “blacklist” circulated among other banks to identify clients with a history of “malfeasant” activity. Trump claims Dimon personally approved the move.
A spokesperson for JPMorgan Chase responded, saying the lawsuit “has no merit” and insisting that the bank does not close accounts for political or religious reasons. “We do close accounts because they create legal or regulatory risk for the company,” the statement added. The bank also expressed regret over closing the accounts, citing rules and regulatory expectations as the reason for the decision, and emphasised its support for efforts to prevent “weaponisation of the banking sector.”
The legal action was filed in Florida, a state that bars banks from discriminating against clients for their political views. Trump has made debanking a central issue, publicly criticising financial institutions for limiting access to services based on clients’ political affiliations. Last month, U.S. regulators reported that nine major banks had made “inappropriate distinctions” among customers, with industries such as oil and gas, private prisons, and adult entertainment facing restricted access.
Trump’s lawsuit marks the latest clash between him and Dimon, who has led JPMorgan for two decades. In recent months, Dimon has criticised the administration’s proposals on credit card caps, immigration policy, and its approach to the Federal Reserve, adding another layer to tensions between the former president and the banking executive.
Analysts say the case could have broader implications for the banking sector, highlighting the growing scrutiny of how financial institutions manage political and reputational risk. Trump’s legal filing portrays the account closures as both a personal grievance and a symbol of what he sees as systemic bias in the financial industry.
