Trump Sues JPMorgan for $5 Billion Over Debanking Claims [View all]

Source: Bloomberg

January 22, 2026 at 12:22 PM EST
Updated on January 22, 2026 at 1:12 PM EST


President Donald Trump sued JPMorgan Chase & Co. and its chief executive officer, Jamie Dimon, for at least $5 billion over allegations that the lender stopped offering him and his businesses banking services for political reasons. The complaint, filed Thursday, accuses the bank of trade libel and breach of implied covenant of good faith. It also claims Dimon violated Florida’s deceptive trade practices law. In response, the bank said it doesn’t close accounts for political or religious reasons.

Trump has singled out JPMorgan repeatedly in his push to stamp out what he sees as banks refusing to provide financial services to customers for ideological reasons. JPMorgan closed accounts for Trump and his businesses about seven weeks after the Jan. 6, 2021, assault on the US Capitol by his supporters. Trump was out of office then and his political standing was low.

JPMorgan, the biggest US bank, notified Trump, “without warning or provocation” that it was terminating the company’s accounts, causing significant financial and reputational harm, according to the complaint filed in Miami-Dade County state court. Bloomberg reviewed the complaint, which couldn’t immediately be found in court records.

The bank was motivated by its “woke” beliefs that it “needed to distance itself from President Trump and his conservative political views,” according to the complaint. “In essence, JPMC debanked plaintiffs’ accounts because it believed that the political tide at the moment favored doing so.” JPMorgan said in a statement that the suit has no merit.

Read more: https://www.bloomberg.com/news/articles/2026-01-22/trump-sues-jpmorgan-dimon-for-5-billion-over-alleged-debanking