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.