President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its chief executive, Jamie Dimon, alleging that the bank cut off financial services to him and his businesses for political reasons shortly after he left the White House in 2021.
The lawsuit, filed Thursday in Miami-Dade County, Florida, claims JPMorgan abruptly closed multiple accounts linked to Trump and the Trump Organization in February 2021, providing only 60 days’ notice and no detailed explanation. Trump argues the move severely disrupted his business operations, temporarily restricting access to millions of dollars and forcing his companies to urgently secure banking relationships elsewhere.
According to the complaint, the bank’s actions were motivated by political considerations in the aftermath of Trump’s presidency, rather than legitimate financial or regulatory concerns. The suit alleges that JPMorgan determined the political climate at the time favored distancing itself from Trump and his businesses.
Allegations against JPMorgan and Dimon
Trump’s legal filing claims he personally contacted Dimon after learning of the account closures and was assured the matter would be reviewed. The lawsuit alleges no meaningful follow-up occurred. It further asserts that JPMorgan placed Trump and his businesses on an internal “reputational risk” blacklist, which allegedly made it more difficult for them to establish relationships with other financial institutions.
Trump accuses the bank of trade libel and claims Dimon violated Florida’s Unfair and Deceptive Trade Practices Act. The suit seeks $5 billion in damages.
JPMorgan rejected the allegations, calling the lawsuit baseless. In a statement, the bank said it does not close accounts based on political or religious beliefs, but instead evaluates relationships based on legal, regulatory, and risk considerations.
A politically charged banking dispute
The lawsuit comes amid heightened tensions between the White House and major financial institutions. Trump has recently criticized large banks over credit card interest rates and has proposed a 10% cap, a move the banking industry has strongly opposed. JPMorgan is one of the nation’s largest credit card issuers and has warned that such caps could have unintended consequences for consumers and lenders alike.
The dispute also unfolds against a broader political debate over so-called “debanking,” a term used when banks terminate or deny services to customers. Once a niche regulatory issue, debanking has become a flashpoint in U.S. politics, particularly among conservatives who argue financial institutions have used subjective “reputational risk” standards to exclude individuals or organizations with certain political views.
The issue gained prominence during the Obama administration’s “Operation Choke Point,” when banks were accused of being pressured to sever ties with industries viewed as high risk, such as gun dealers and payday lenders. After the Jan. 6, 2021, attack on the U.S. Capitol, Trump and other conservative figures claimed banks increasingly relied on reputational concerns to justify account closures.
Since returning to office, Trump’s administration has moved to limit the ability of banking regulators to allow reputational risk alone as a basis for denying services.
Not Trump’s first legal fight with a bank
This is not the first time Trump has pursued legal action over alleged debanking. In 2025, the Trump Organization filed a similar lawsuit against Capital One, accusing the credit card issuer of terminating accounts for political reasons. That case remains ongoing.
As Trump’s lawsuit against JPMorgan moves forward, it is expected to test the boundaries between banks’ discretion to manage risk and claims of political discrimination—an issue likely to carry significant implications for both the financial sector and the broader political landscape.
