Tag: JPMorgan

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Corporate

Trump sues JPMorgan for $5bn over account closure

US President Donald Trump has filed a lawsuit seeking $5 billion in damages against JPMorgan Chase and its chief executive Jamie Dimon, accusing the bank of unfairly closing his accounts after the January 6, 2021 Capitol riot. The case was filed in a Florida state court and centres on what Trump describes as politically motivated “debanking”.

According to the lawsuit, JPMorgan shut down several accounts linked to Trump, his family and Trump Organisation businesses in early 2021. The bank reportedly gave a 60-day notice but did not provide a clear reason for the closures. Trump’s legal team argues that the decision caused serious disruption to his business operations and damaged his reputation, forcing him to urgently find alternative banking arrangements.

Trump alleges that the account closures were not based on financial or legal risks, but on his political views and public profile following the Capitol violence. The lawsuit claims JPMorgan acted in bad faith and unfairly discriminated against him. It also accuses the bank of breaching state consumer protection laws and harming Trump’s business interests by allegedly discouraging other banks from working with him.

The case names both JPMorgan and its CEO Jamie Dimon, pointing to Dimon’s past public criticism of Trump and his policies. Trump’s lawyers argue that large financial institutions should not have the power to deny basic banking services based on political beliefs.

However, JPMorgan has strongly denied the allegations. In a statement, the bank said the lawsuit is without merit and insisted that it does not close accounts for political reasons. JPMorgan stated that decisions to exit client relationships are based on regulatory, legal and risk considerations, especially in situations that could expose the bank to scrutiny or compliance issues.

The lawsuit adds to a wider debate in the US over claims of “debanking”, where individuals or organisations argue they have been denied financial services because of their political or ideological positions. Trump has repeatedly raised this issue, calling for stronger protections to prevent banks from excluding customers on non-financial grounds.

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Corporate

JP Morgan predicts Nifty50 could hit 30,000 by 2026

Global investment bank JP Morgan has raised its target for India’s benchmark Nifty50 to 30,000 by the end of 2026, reflecting optimism about the country’s stock market. The bank expects corporate earnings to grow around 13–14% in 2026–27, supporting higher market valuations.

JP Morgan cites favourable fiscal and monetary policies, strong domestic investment flows, and improving economic fundamentals as key factors for the bullish outlook. Indian equities, while trading at a premium compared with other emerging markets, are now seen as more attractive as the valuation gap narrows.

The bank also notes that sectors such as financials, consumer goods, real estate, power, defence, and materials are likely to benefit most. Potential catalysts include supportive government policies, anticipated rate cuts, and stronger US–India trade ties, all of which could further boost corporate profits and investor sentiment.

With Nifty50 currently around 26,200, the projected rise to 30,000 implies a potential 15–20% gain over the next few years, though investors should expect normal market volatility along the way.

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Leaders

Goldman, JPMorgan CEOs Flag US Debt Risks

Goldman Sachs CEO David Solomon has joined JPMorgan Chase chief Jamie Dimon in warning that the United States’ swelling national debt could pose long-term risks to economic stability if growth fails to keep pace.

Speaking at the Economic Club of Washington, Solomon said the US debt, now exceeding $38 trillion, is less alarming for its size than for its rising debt-to-GDP ratio. “If we continue on the current course and don’t take the growth level up, there will be a reckoning,” he said.

He stressed that the issue is not yet a crisis but called for stronger productivity to sustain fiscal health. Solomon sees technology and artificial intelligence as key growth drivers capable of lifting output and offsetting debt pressures. “The path out is a growth path,” he noted, urging that AI be embedded across industries to enhance efficiency.

His comments align with Dimon’s long-standing warnings that unchecked borrowing could eventually unsettle bond markets. The JPMorgan CEO has cautioned that “one day, the bond markets are gonna have a tough time,” though the timing is uncertain. He advocates growth-oriented reforms, including regulatory simplification and workforce development, to rebuild fiscal resilience.

Dimon has also criticised market complacency despite the US losing its triple-A credit rating this year. Analysts warn that rising interest costs and persistent deficits could restrict future government spending flexibility.

Both executives agree the US remains economically strong but must act before confidence erodes. “The US  is still the best house in a tough neighbourhood,” Solomon said, “but we can’t ignore the cracks in the foundation.”

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