President Donald Trump sued JPMorgan Chase and CEO Jamie Dimon for $5 billion, alleging the bank stopped providing banking services to him and his businesses for political reasons after he left office in January 2021, according to The Associated Press.
The lawsuit, filed in Miami-Dade County court in Florida, alleges JPMorgan abruptly closed multiple accounts in February 2021 with 60 days notice and no explanation, AP reported. The complaint says the closures cut Trump and his businesses off from “millions of dollars,” disrupted their operations, and forced them to urgently open banking accounts elsewhere.
Trump’s filing alleges that JPMorgan debanked him and his businesses because it believed “the political tide at the moment favored doing so,” AP reported. The lawsuit also alleges Trump tried to raise the issue personally with Dimon after the bank started closing his accounts, and that Dimon assured him he would figure out what was happening. The complaint further alleges Dimon failed to follow up.
Trump’s lawyers allege JPMorgan placed the president and his companies on a reputational “blacklist,” AP reported. The filing alleges the blacklist is used by JPMorgan and other banks to keep clients from opening accounts in the future.
JPMorgan said it believes the suit has no merit, AP reported. In a statement carried by AP, a bank spokesperson said the company “regrets” Trump sued, but insisted it did not close the accounts for political reasons.
The statement said, “JPMC does not close accounts for political or religious reasons,” adding, “We do close accounts because they create legal or regulatory risk for the company,” according to AP.
AP also reported that the lawsuit includes claims of trade libel and accuses Dimon of violating Florida’s Unfair and Deceptive Trade Practices Act.
The case arrives amid an increasingly politicized debate over “debanking,” AP said. Debanking, in the AP account, occurs when a bank closes a customer’s accounts or refuses to do business such as loans or other services.
AP reported that conservatives have accused banks of using “reputational risk” to deny services to politically disfavored customers, including after the Jan. 6, 2021, attack on the U.S. Capitol. AP said Trump and other conservative figures alleged banks cut them off under that umbrella term, while Trump’s banking regulators have moved to stop banks from using “reputational risk” as a reason for denying service to customers since he returned to office.
AP also said debanking first became a national issue after conservatives accused the Obama administration of pressuring banks to stop extending services to gun stores and payday lenders under “Operation Choke Point.” AP further reported that Trump threatened to sue JPMorgan Chase last week during heightened tensions between the White House and Wall Street.
In that reporting, AP said Trump stated he wanted to cap interest rates on credit cards at 10% to help lower costs for consumers, and said a bank official told reporters that Chase would fight any effort by the White House or Congress to implement a rate cap. AP also reported that executives have bristled at Trump’s attacks on the independence of the Federal Reserve.
AP said the Trump Organization previously sued Capital One in March 2025 for similar debanking-related reasons, and that that lawsuit is still winding its way through the court system.