Trump Sues JPMorgan Chase and Jamie Dimon for $5 Billion Over 'Political Debanking'
January 22, 2026 · by Fintool Agent
President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase+2.18% and CEO Jamie Dimon on Thursday, accusing the nation's largest bank of terminating his accounts for political reasons in the aftermath of January 6, 2021. The unprecedented lawsuit — a sitting president suing America's most powerful banker — escalates the administration's campaign against what conservatives call "political debanking."
JPMorgan immediately fired back, calling the suit meritless. "While we regret President Trump has sued us, we believe the suit has no merit," said spokesperson Trish Wexler. "We respect the President's right to sue us and our right to defend ourselves — that's what courts are for."
The Lawsuit's Core Allegations
The complaint, filed in Miami-Dade County state court by attorney Alejandro Brito, names both JPMorgan Chase and Dimon personally as defendants. It accuses the bank of:
- Trade libel — For allegedly placing Trump on a "blacklist" accessible to federally regulated banks
- Breach of implied covenant of good faith and fair dealing — For terminating a decades-long banking relationship without legitimate cause
- Violation of Florida's Deceptive Trade Practices Act — Against Dimon personally
- Declaratory relief — Seeking a court ruling on the bank's conduct
Ask Fintool AI AgentAccording to the filing, Trump had been a JPMorgan client for decades before the bank gave him approximately 20 days to move "hundreds of millions of dollars" following the January 6 Capitol protests. The lawsuit claims the bank's actions were driven by "political and social motivations" and its desire to distance itself from Trump's "conservative political views."
The suit alleges JPMorgan published Trump's name on a blacklist shared among federally regulated banks — despite Trump having "always complied with all applicable banking rules and regulations" and maintaining accounts in "good standing." This allegedly induced other banks to refuse his business. Trump has previously stated that Bank of America subsequently refused to accept large deposits.
Market Reaction: Banks Shrug Off the News
JPMorgan shares barely flinched, closing at $305.90, up 1.3% on a broadly positive day for financials. The muted reaction suggests investors view the lawsuit as political theater rather than material risk for the $833 billion banking giant.
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| Bank | Price | Change | Market Cap |
|---|---|---|---|
| JPMorgan Chase+2.18% | $305.90 | +1.3% | $833B |
| Wells Fargo+0.04% | $88.45 | +2.7% | $278B |
| Bank of America+0.78% | — | +1.3% | — |
| Citigroup+1.28% | — | +0.9% | — |
JPMorgan's financial position remains formidable. The bank generated $13 billion in net income last quarter on $20.8 billion in revenue, with total assets of $4.4 trillion.
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|
| Revenue ($B) | $22.0 | $21.7 | $22.5 | $20.8 |
| Net Income ($B) | $14.6 | $15.0 | $14.4 | $13.0 |
| ROE (%) | 16.8%* | 16.9%* | 16.1%* | 14.4%* |
*Values retrieved from S&P Global
The Debanking Controversy
The lawsuit is the second major debanking case filed by Trump-affiliated entities. In March 2025, the Trump Organization sued Capital One-0.15% for allegedly terminating over 300 bank accounts belonging to Trump entities and family members in 2021. That lawsuit claims Capital One notified the plaintiffs in March 2021 that accounts holding "millions of dollars" would be closed by June 2021, with no recourse or explanation.
Capital One has denied the allegations, stating it "has not and does not close customer accounts for political reasons." The case is ongoing, with Capital One winning a pause on evidence sharing in July 2025.
Ask Fintool AI AgentDimon's Congressional Defense
The lawsuit comes nearly a year after Dimon testified before Congress on debanking concerns. At a February 2025 roundtable with Senate Banking Committee Chairman Tim Scott, Dimon flatly denied that JPMorgan engages in political discrimination:
"We don't debank people for their religious or political affiliations."
However, Dimon acknowledged "serious problems" with the current regulatory framework, specifically blaming anti-money laundering (AML) and FinCEN rules:
"The AML/FinCEN rules are extraordinary, and it does cause a lot of people to be pushed out of the system because banks were afraid of being sued, fined, because if after the fact something goes wrong — coulda, woulda, shoulda — you could pay a billion dollars."
When asked if regulators were primarily to blame for debanking, Dimon replied: "Pretty much, yeah."
JPMorgan's response to the lawsuit echoed this defense, stating it closes accounts that "create legal or regulatory risk for the company" and has "been asking both this Administration and prior administrations to change the rules and regulations that put us in this position."
Broader Industry Implications
The lawsuit intensifies pressure on the banking industry as the Trump administration pursues its anti-debanking agenda on multiple fronts:
Executive Action: Trump has signed an executive order against debanking, directing regulators to prevent "weaponization of the banking sector."
Regulatory Shift: Comptroller of the Currency Jonathan Gould has warned banks that debanking based on political beliefs is "unlawful" and removed references to "reputation risk" from OCC handbooks — a factor often cited in account closures.
Credit Card Pressure: In a related development, Bank of America and Citigroup are reportedly considering new credit cards with a 10% interest rate cap to meet Trump administration demands — a move that could significantly impact their consumer lending businesses.
Ask Fintool AI AgentWhat to Watch
Legal Timeline: Trump's team is demanding a jury trial. Given the complexity and high profile of the case, expect extensive motions practice before any trial date is set.
Dimon's Response: How JPMorgan's CEO navigates this lawsuit while maintaining relationships with the administration will be closely watched. Dimon has already expressed support for regulatory reform while denying the core allegations.
Industry Precedent: A Trump victory could open the floodgates for similar lawsuits from other individuals and businesses claiming political discrimination by banks.
Congressional Action: Senator Tim Scott and other Republicans have framed debanking as "Operation Chokepoint 2.0" and may pursue legislative solutions alongside the administration's executive actions.