Trump sues JPMorgan and CEO Dimon over alleged ‘debanking’

The $5bn lawsuit alleges JPMorgan abruptly closed multiple accounts in 2021 cutting off Trump & his firms from access to funds.Published On 22 Jan 2026United States President Donald Trump has sued banking giant JPMorgan Chase and its CEO Jamie Dimon for $5bn, accusing JPMorgan of debanking him and his businesses for political reasons after he left office in January 2021.The lawsuit was filed on Thursday in Miami-Dade County court in Florida. It alleges that JPMorgan abruptly closed multiple accounts in February 2021 with just 60 days’ notice and no explanation. By doing so, Trump claims JPMorgan cut the president and his businesses off from millions of dollars, disrupted their operations and forced Trump and the businesses to urgently open bank accounts elsewhere.Recommended Stories list of 4 itemslist 1 of 4Who got the most nods? The complete list of 2026 Oscar nominationslist 2 of 4France seizes oil tanker in Mediterranean sailing from Russia: Macronlist 3 of 4The Take: Are we witnessing the death of traditional TV?list 4 of 4Remnants of abandoned US base leech toxic waste in Greenlandend of list“JPMC debanked [Trump and his businesses] because it believed that the political tide at the moment favored doing so,” the lawsuit alleges.In a statement, JPMorgan said that it “regrets” that Trump sued them but insisted they did not close the accounts for political reasons.“We believe the suit has no merit,” a bank spokesperson said. “JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company.”The White House said it will refer the matter to the president’s outside counsel.Banks have faced growing political pressure in recent years, particularly from conservatives who argue that lenders have improperly adopted “woke” political positions and, in some cases, discriminated against certain industries, such as firearms and fossil fuels.That pressure has intensified during Trump’s second term, with the Republican president claiming in interviews that some banks refused to provide services to him and other conservatives. The banks have denied the allegation.