The $5 billion lawsuit alleges that JPMorgan abruptly closed multiple accounts in 2021, cutting off access to funds for President Trump and his companies.
Published January 22, 2026
US President Donald Trump sued banking giant JPMorgan Chase & Co. and its CEO Jamie Dimon for $5 billion after leaving office in January 2021, alleging that JPMorgan stopped banking transactions with him and his businesses for political reasons.
The lawsuit was filed Thursday in Miami-Dade County Court in Florida. JPMorgan alleges that in February 2021, it abruptly closed multiple accounts with just 60 days’ notice and no explanation. In doing so, Trump alleges that JPMorgan severed millions of dollars from the president and his businesses, interfered with operations, and forced Trump and the businesses to urgently open bank accounts elsewhere.
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“JPMC terminated (Mr. Trump’s and his companies’) bank accounts because it believed that current political trends favored doing so,” the complaint alleges.
JPMorgan said in a statement that it “regrets” that Trump filed the lawsuit, but insisted it did not close the account for political reasons.
A bank spokesperson said: “We believe there is no merit to the lawsuit.” “JPMC does not close accounts for political or religious reasons. Closing accounts creates legal or regulatory risks for the company.”
The White House announced it would refer the matter to the president’s outside advisers.
Banks have faced increased political pressure in recent years, particularly from conservatives who argue that lenders inappropriately adopt “woke” political positions and, in some cases, discriminate against certain industries, such as firearms and fossil fuels.
That pressure intensified during President Trump’s second term, with the Republican president claiming in an interview that some banks had refused to serve him and other conservatives. The bank denies the charges.
U.S. banking regulators announced last month that nine major U.S. banks had in the past placed limits on financial services to some controversial industries in what is commonly referred to as “bank debanking.”
JPMorgan said last year that it was cooperating with government inquiries into its policies and procedures as the Trump administration began to scrutinize banks over allegations of bank closures.
reputational risk
U.S. regulators conducted their own investigation into whether overly strict supervisory policies were preventing banks from providing services to certain sectors.
President Donald Trump’s officials have also moved to loosen oversight, with federal banking regulators last year saying they would stop cracking down on banks based on so-called “reputational risk.”
Under this approach, regulators could penalize institutions for activities that are not explicitly prohibited, but could expose them to negative publicity and costly litigation.
Banks have increasingly complained that reputational risk standards are vague and subjective, giving regulators broad discretion to block companies from providing services to certain people or industries.
The industry also says regulators need to update anti-money laundering rules, which could force banks to close suspicious accounts without explaining to customers.
