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President Donald Trump said he plans to sue JPMorgan Chase within two weeks, alleging the bank wrongly cut him off after the January 6, 2021, US Capitol riot. The threat intensifies the “debanking” debate and raises scrutiny of how large banks handle politically sensitive clients.
Trump announced the plan in a social media post, arguing that JPMorgan Chase “incorrectly and inappropriately” ended services after the Capitol riot. He tied the alleged service termination to his long-running claim that the 2020 presidential election was “rigged,” while offering no evidence in the post.
Trump’s legal threat also comes amid renewed attention on his relationship with major financial institutions and his family’s shift into cryptocurrency.
Jamie Dimon, JPMorgan Chase’s chairman and chief executive officer (CEO), said the bank’s actions were not politically motivated.
A JPMorgan Chase spokesperson, Trish Wexler, said serving more than 80 million Americans is a “privilege,” and the bank agrees accounts should not be closed due to political or religious beliefs.
In addition, the spokesperson said the bank appreciates efforts by the administration to address political debanking and supports those efforts. Trump has repeatedly alleged that JPMorgan Chase and Bank of America refused to accept his deposits after the Capitol riot.
Both institutions have rejected accusations that they cut off customers for political reasons. Still, Trump’s latest post framed the dispute as personal discrimination by the banking system, without presenting evidence.
Trump’s post also denied a Wall Street Journal report saying he had offered Dimon the job of Federal Reserve chair during a White House meeting months earlier. He called that account “totally untrue” and criticized the newspaper for not asking him directly.
Dimon separately said, “There was no job offer,” and he added he thought the situation was now being handled “better than I could have” done.
Meanwhile, Dimon has warned that Trump’s attacks on the Federal Reserve chair, Jerome Powell, could undermine central bank independence. He said such pressure could backfire and push up interest rates and inflation.
Trump responded by defending his criticism of Powell and saying the country should have lower interest rates. The same account notes Powell is facing a US Department of Justice criminal investigation linked to alleged “abuse of taxpayer dollars” tied to renovations at the central bank’s headquarters.
Also Read: JPMorgan Rejects Claims of Crypto and Political Debanking
Donald Trump Jr. previously said the family faced difficulty accessing big-bank services, which pushed them toward crypto “out of necessity,” according to a CNBC interview. Consequently, Trump’s threatened lawsuit is being framed as part of a broader tension between traditional banking and newer financial rails.
In addition, JPMorgan shares are down about 5% over the past week, even after the bank topped expectations for fourth-quarter earnings and revenue. Banking stocks also faced pressure after Trump demanded a 10% cap on credit card rates, giving firms until January 20 to comply.
