President Donald Trump sued banking giant JPMorgan Chase and CEO Jamie Dimon for $5 billion on Thursday, alleging the bank closed his accounts in February 2021 for political reasons. The lawsuit, filed in Miami-Dade County court in Florida, claims JPMorgan terminated multiple accounts with just 60 days notice and no explanation, and placed Trump and his businesses on a “reputational blacklist” used to prevent future banking relationships.
The lawsuit marks an escalation in Trump’s financial disputes with major banks and reflects broader tensions between the White House and Wall Street over bank regulations and business practices.
Trump’s Account Closure Claims
The lawsuit describes how Trump attempted to raise the matter personally with Dimon after JPMorgan began closing his accounts. Though Dimon assured Trump he would investigate, the suit alleges he never followed up with any explanation or resolution.
“JPMC debanked (Trump and his businesses) because it believed that the political tide at the moment favored doing so,” the lawsuit states.
According to the complaint, the account closures disrupted Trump’s business operations and forced him to urgently open accounts elsewhere. The suit alleges JPMorgan violated trade libel laws and Florida’s Unfair and Deceptive Trade Practices Act.
Bank’s Response and Political Controversy
In a statement, JPMorgan said it “regrets” the lawsuit while denying the political motivation. “JPMC does not close accounts for political or religious reasons,” a bank spokesperson said. “We do close accounts because they create legal or regulatory risk for the company.”
The broader issue of debanking — when a bank closes accounts or refuses to serve a customer — has become politically charged in recent years. Conservative politicians have alleged that banks discriminate against them and their affiliated interests. Since Trump returned to office in January 2025, banking regulators have sought to prevent banks from using “reputational risk” as grounds for denying service to customers.
Prior Disputes and Regulatory Tension
This is not Trump’s first debanking dispute with a major financial institution. His organization sued credit card company Capital One in March 2025 on similar allegations. That case remains pending.
Trump threatened to sue JPMorgan last week amid heightened tensions between the White House and Wall Street, particularly over his proposal to cap credit card interest rates at 10 percent to help reduce consumer costs. JPMorgan is one of the nation’s largest credit card issuers, and bank executives have opposed White House pressure on rate caps and other policies.