New York, 23 January 2026 – U.S. President Donald Trump has filed a $5 billion lawsuit against banking giant JPMorgan Chase and its Chief Executive Officer Jamie Dimon, accusing the nation’s largest lender of unlawfully “debanking” him and his businesses for alleged political reasons. The complaint was lodged on Thursday in Miami-Dade County State Court in Florida, heightening ongoing tensions between the White House and major Wall Street institutions.
According to the lawsuit, JPMorgan abruptly closed multiple personal and business accounts linked to Trump in February 2021, shortly after the January 6 Capitol attack, giving just 60 days’ notice and no detailed explanation. Trump’s legal team claims this cut off access to millions of dollars, disrupted operations, and forced him and his affiliated companies to seek urgent alternative banking arrangements.
Trump’s filing alleges that JPMorgan and Dimon violated the bank’s own policies and engaged in discriminatory conduct by singling him out for political reasons and effectively attempting to ride the “political tide.” The complaint also asserts that Dimon orchestrated or tolerated a reputational “blacklist”, warning other banks against doing business with Trump, his family members and entities associated with the Trump Organization.
In a statement, JPMorgan said it believes the lawsuit has “no merit” and intends to vigorously defend itself in court. The bank reiterated that it does not close accounts for political or religious reasons and that account closures typically occur due to legal or regulatory risk considerations.
The case underscores growing political scrutiny over banking practices and allegations of “debanking”, the denial of financial services based on ideological or political factors, a subject that has drawn increased attention among conservative circles in recent years. Trump’s legal move follows prior legal actions against other major financial institutions over similar claims.
The lawsuit also comes amid broader debates over banking regulation, reputational risk standards, and federal oversight, with Trump seeking to shape policy and enforcement in ways that address perceived bias against certain individuals and sectors in the financial industry.
