A fresh legal battle has emerged between the White House and Wall Street, as President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its chief executive Jamie Dimon. The suit claims the bank cut off Trump and his businesses from banking services for political reasons after he left office in January 2021.
Filed on January 22, 2026, in Miami-Dade County court in Florida, the lawsuit alleges that JPMorgan closed multiple accounts linked to Trump and his companies in February 2021. According to the filing, the bank provided only 60 days’ notice and offered no explanation for the decision. Trump claims the move disrupted business operations, blocked access to millions of dollars, and forced him and his companies to urgently secure new banking relationships.
“JPMC debanked [Mr. Trump and his businesses] because it believed that the political tide at the moment favoured doing so,” the lawsuit states.
Trump further alleges that he attempted to raise the matter directly with Jamie Dimon after the account closures began. The lawsuit claims Dimon assured him he would look into the issue but failed to follow up. Trump’s lawyers also allege that JPMorgan placed him and his businesses on a reputational “blacklist,” which they say is used by JPMorgan and other banks to prevent certain clients from opening accounts elsewhere.
In response, JPMorgan said it believes the lawsuit has no merit. The bank added that it “regrets” the legal action but denied any political motivation behind the account closures.
“JPMC does not close accounts for political or religious reasons,” a bank spokesperson said. “We do close accounts because they create legal or regulatory risk for the company.”
The lawsuit comes amid heightened tensions between the Trump administration and major financial institutions. Last week, Trump threatened legal action against JPMorgan while pushing for a 10% cap on credit card interest rates. JPMorgan Chase is one of the largest credit card issuers in the US, and bank officials have said they would oppose any effort to impose such a cap.
The case also brings renewed focus on “debanking,” a practice where banks deny or withdraw services from customers. Once a niche issue, debanking has become politically charged in recent years. Conservative leaders have argued that banks have unfairly targeted them under claims of “reputational risk,” particularly after the January 6, 2021, US Capitol attack.
“JPMC’s conduct … is a key indicator of a systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views,” Trump’s lawyers wrote.
Trump is accusing JPMorgan of trade libel and alleges that Dimon violated Florida’s Unfair and Deceptive Trade Practices Act.
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