President Donald Trump has filed a lawsuit against JPMorgan Chase and CEO Jamie Dimon, accusing the bank of “debanking” him — cutting off financial services for political reasons.
In the complaint, Trump, 79, argues that the nation’s largest bank ended its relationship with him in the aftermath of the Capitol riot on Jan. 6, 2021. He claims JPMorgan Chase “incorrectly and inappropriately” discriminated against him and his businesses, alleging the decision was driven by politics rather than standard banking considerations.
The lawsuit, filed in Florida and obtained by multiple outlets, says that in February 2021 the bank informed Trump that his accounts would be closed within two months. Trump is seeking $5 billion in damages.
According to USA Today, the complaint argues that the bank acted out of “political and social motivations,” asserting it wanted to distance itself from Trump and conservative politics. The suit claims JPMorgan’s decision was based on unsubstantiated, “woke” beliefs — and that the bank believed “the political tide at the moment favored” cutting ties.
Trump’s attorney, Alejandro Brito, filed the suit on his behalf. Brito has also been involved in legal actions and threats tied to the Trump family, including defamation fights and disputes involving media organizations and public figures.
A JPMorgan Chase spokesperson told The Guardian the bank “does not close accounts for political or religious reasons.”
“We do close accounts because they create legal or regulatory risk for the company,” the spokesperson added. “We regret having to do so but often rules and regulatory expectations lead us to do so.”
In a separate statement to NBC News, another bank spokesperson said, “While we regret President Trump has sued us, we believe the suit has no merit,” adding, “We respect the President’s right to sue us and our right to defend ourselves — that’s what courts are for.”
The lawsuit arrives two months after Dimon publicly indicated he did not plan to help fund Trump’s proposed White House ballroom project — a 90,000-square-foot addition with an estimated $400 million price tag.
The ballroom’s construction is reportedly backed by Trump and other donors, including Amazon, Apple, Google, HP, Microsoft, T-Mobile, Booz Allen Hamilton, Union Pacific Railroad, Palantir Technologies, the Lutnick family, and Tyler and Cameron Winklevoss. JPMorgan Chase was not listed among the contributors.
During a November 2025 interview with CNN’s Erin Burnett, Dimon was asked why his company did not contribute.
“We have an issue, OK, which is anything we do, since we do a lot of contracts with governments here and around the world, we have to be very careful about how anything is perceived,” Dimon replied. “And also how the next DOJ is going to deal with it.”
He added that the company weighs reputational and regulatory exposure when deciding whether to support highly visible political-adjacent projects.
“So, we’re quite conscious of risks we bear by doing anything that looks like buying favors or anything like that,” Dimon said.
He continued: “So, do we do things like that? And by the way, we also have policies where we don’t do certain things because it makes it easier for us,” he added.
During the 2024 election cycle, Trump falsely claimed that Dimon had endorsed him, NBC News reported. Dimon has at times criticized Trump’s policies, including remarks made Wednesday, Jan. 21, during the World Economic Forum in Davos, Switzerland: “I don’t like what I’m seeing.”
