U.S. President Donald Trump has launched a $5 billion lawsuit against JPMorgan Chase and its chief executive Jamie Dimon, accusing the bank of unlawfully closing several of his accounts for political reasons.
The lawsuit was filed in a Florida state court in Miami-Dade County and claims that the largest U.S. bank violated its own internal policies by singling out Trump and his related businesses. According to the filing, the account closures were allegedly driven by political motivations rather than legitimate compliance or risk concerns.
JPMorgan firmly rejected the accusations, stating that the lawsuit is unfounded and that the bank does not close accounts based on political or religious beliefs. The lender emphasized that account closures occur only when legal or regulatory risks arise, adding that such decisions are often required by existing rules and supervisory expectations.
Trump has also publicly criticized other major U.S. banks, including Bank of America, accusing them of similar debanking practices. These claims come amid heightened political scrutiny of financial institutions during Trump’s second term in office. At the same time, the administration has pushed for broader deregulation, a move welcomed by many banking executives who argue it could reduce red tape and stimulate economic growth.
In the lawsuit, Trump further alleged that JPMorgan created an internal “blacklist” designed to discourage other banks from doing business with him, his family, and companies linked to the Trump Organization. He claimed these actions caused reputational damage and forced him to seek alternative financial institutions under difficult circumstances.
The broader debanking debate has intensified in recent years, particularly among conservative groups who argue that banks have restricted services to certain industries and individuals for political or ideological reasons. U.S. regulators have acknowledged that some large banks imposed stricter scrutiny or limitations on sectors such as energy, cryptocurrencies, firearms, and tobacco between 2020 and 2023, often citing environmental or social risk policies.
Regulators have since scaled back the use of so-called “reputational risk” standards, which were criticized for being vague and subjective. Authorities continue to review thousands of debanking-related complaints while banks urge updates to anti-money-laundering rules that can require account closures without detailed explanations.
Despite the lawsuit, JPMorgan shares ended the day slightly higher, indicating limited immediate concern from investors.
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