NEW YORK, January 22, 2026, 13:43 EST
- Trump has launched a $5 billion lawsuit in Florida state court, accusing JPMorgan and its CEO, Jamie Dimon, of shutting down his accounts for political reasons
- JPMorgan insists the case lacks “any merit” and states it shuts accounts solely due to legal or regulatory risks
- The lawsuit arrives amid rising complaints about “debanking,” adding pressure on major U.S. banks
President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase & Co and CEO Jamie Dimon on Thursday, alleging the bank cut ties with him in 2021 for political reasons. JPMorgan swiftly dismissed the claims as baseless. 1
The lawsuit drags Trump’s “debanking” fight into the legal arena just as the White House ramps up pressure on major banks over the practice. “Debanking” refers to banks shutting accounts or denying services, and Trump claims other lenders like Bank of America have also rejected him. 2
Banks say these decisions usually stem from compliance requirements, like anti-money-laundering checks, and that they’re often required to sever ties without disclosing much. Conservatives, on the other hand, argue that banks have embraced “woke” politics, targeting specific customers and sectors such as firearms and fossil fuels.
Trump’s lawsuit was lodged in Miami-Dade County state court. It alleges that in February 2021, JPMorgan notified Trump and several of his businesses that multiple accounts would be shut down within 60 days — but gave no reason for the decision. The complaint says this blindsided them, triggering a rush to reorganize their banking setup. 3
The lawsuit claims Trump reached out to Dimon directly over the account closures and was told he’d hear back, “but, ultimately, never did.” According to the complaint, Trump and his businesses later found out the accounts were closed due to political discrimination. 4
The complaint charges the bank with trade libel and breach of an implied duty to deal fairly, alleging that Dimon violated Florida’s deceptive trade practices law, Bloomberg Law reports. It also claims JPMorgan placed Trump, the Trump Organization, and family members on a “blacklist” for wealth management accounts. 5
Trump accused JPMorgan of breaching its own rules by targeting him to capitalize on the “political tide,” shutting down accounts “without warning or remedy,” according to language pulled from the filing. Reuters reported the complaint appeared on CNBC’s website. 6
JPMorgan expressed regret over Trump’s lawsuit but dismissed it as baseless. “Our company does not close accounts for political or religious reasons,” the bank said, stressing it only takes such steps when there are “legal or regulatory risks.” It added that rules and supervisory expectations sometimes force banks into these decisions. 7
The White House said it plans to refer the issue to Trump’s outside counsel. JPMorgan shares rose roughly 1.2% in afternoon trading.
Trump teased the lawsuit in a social media post, claiming JPMorgan “incorrectly and inappropriately DEBANKING me” following Jan. 6, 2021. 8
This lawsuit joins a series of disputes involving Trump and major lenders. In 2025, the Trump Organization sued Capital One after the bank shut down hundreds of its accounts in 2021. Capital One has maintained that these closures weren’t politically motivated. 9
A key question remains how the court balances a bank’s right to cut ties with customers against allegations of illegal discrimination. JPMorgan insists its move was based on legal and regulatory concerns; Trump’s lawsuit argues those concerns were just a pretext to push him aside.
At present, the lawsuit creates a rare head-to-head between a sitting president and the nation’s biggest bank, naming Dimon personally and seeking $5 billion in damages.
