Donald Trump has filed a lawsuit against JPMorgan Chase and its chief executive, Jamie Dimon, seeking at least $5bn in damages over claims that the bank cut off his accounts for political reasons.
The US president accused the country’s largest bank of “debanking” him in the aftermath of the Capitol riot on 6 January. Earlier this month, Trump said JPMorgan had “incorrectly and inappropriately” discriminated against him.
The lawsuit was filed in Miami by Alejandro Brito, Trump’s personal lawyer, who has also represented him in legal actions against media organisations including ABC News and the BBC.
JPMorgan said it would contest the case. “While we regret President Trump has sued us, we believe the suit has no merit,” the bank said in a statement. “We respect the president’s right to sue us and our right to defend ourselves, that’s what courts are for.”
A spokesperson said the bank did not close accounts for political or religious reasons, but acted where accounts posed legal or regulatory risks. “We regret having to do so, but often rules and regulatory expectations lead us to do so,” the spokesperson added.
JPMorgan shares dipped slightly after the lawsuit was first reported, before closing 0.4% higher in late New York trading.
Trump’s legal filing alleges that the bank placed him, the Trump Organization, related entities and members of his family on a blacklist. It claims JPMorgan offered no appeal process or alternative banking arrangements.
The lawsuit argues that the decision was politically motivated and driven by what it described as the bank’s desire to distance itself from Trump and his conservative views.
Trump later told reporters he had not spoken directly to Dimon.
Last weekend, Trump announced on social media that he planned to sue JPMorgan, accusing it of closing his accounts after the January 6 insurrection. He has made similar claims against other banks, including Bank of America, which have denied the allegations.
His comments followed a Wall Street Journal report suggesting Trump had previously offered Dimon the role of Federal Reserve chair. Trump rejected the report and reiterated his intention to sue the bank.
In response to Trump’s social media post, JPMorgan said it agreed that accounts should not be closed because of political or religious beliefs and welcomed efforts by the administration to address concerns around political debanking.
Dimon, who received a $43m pay package last year, has recently defended Federal Reserve chair Jerome Powell after it emerged that the justice department had opened a criminal investigation involving the Fed. Dimon warned that undermining the Fed’s independence could fuel inflation and higher interest rates.
Trump dismissed those comments, saying Dimon was wrong and repeating his view that interest rates should be lower. He suggested Dimon favoured higher rates for financial gain.
Speaking at the World Economic Forum in Davos this week, Dimon criticised Trump’s proposal to cap credit card interest rates at 10% for a year, calling it a potential “economic disaster”. He also said US reliability had diminished under Trump, though he stopped short of calling the country unreliable.
Trump is among several rightwing figures who have claimed they were denied banking services because of their political views.
In the UK, NatWest Group’s chief executive, Dame Alison Rose, resigned in 2023 after acknowledging she was the source of an inaccurate BBC report about why Reform UK leader Nigel Farage had been debanked. Farage later settled a legal dispute with the bank.
