U.S. President Donald Trump has filed a sweeping $5 billion lawsuit against JPMorgan Chase and its chief executive, Jamie Dimon, accusing the nation’s largest bank of unlawfully closing his accounts for political reasons.
The lawsuit, filed Thursday in a Florida state court in Miami-Dade County, marks a major escalation in Trump’s long-running dispute with major U.S. financial institutions over what he describes as politically motivated “debanking.” Trump, along with several Trump-branded businesses, claims JPMorgan severed ties with him shortly after he left office in 2021, citing what the complaint calls unsubstantiated and ideologically driven motives.
Speaking to reporters aboard Air Force One while returning from the World Economic Forum in Davos, Trump said the bank’s actions were illegal. He accused Jamie Dimon personally of directing the decision and insisted that financial institutions are not permitted to deny banking services based on political views.
According to the lawsuit, JPMorgan informed Trump and his affiliated companies in February 2021 that multiple accounts would be closed within two months. The filing alleges the move caused significant financial and reputational harm and claims the bank acted because it believed distancing itself from Trump aligned with the prevailing political climate at the time.
The complaint further accuses JPMorgan of placing Trump and his businesses on an internal “blacklist,” typically reserved for individuals or entities flagged for compliance failures or misconduct. Trump argues this designation was unjustified and driven by political and social considerations rather than regulatory necessity.
JPMorgan strongly rejected the allegations. In a statement, the bank said it regrets the lawsuit but believes it has no legal merit. The lender emphasized that it does not close accounts for political or religious reasons, stating that such decisions are made only when customers pose legal or regulatory risks under existing banking rules.
The lawsuit comes just one day after Dimon publicly praised Trump at the Davos summit, crediting him for highlighting weaknesses within NATO and Europe and supporting efforts to rebalance U.S. trade relationships. However, Dimon also criticized some of Trump’s economic proposals, including tariffs and a plan to cap credit card interest rates.
Trump has repeatedly accused U.S. banks of denying him services since his departure from the White House. JPMorgan disclosed last year that it was under government review regarding whether it provides fair access to banking services. The bank says it supports regulatory reform to prevent what it describes as the “weaponization” of the financial system.
Banking experts note that institutions are required to apply enhanced scrutiny to politically exposed persons, or PEPs, due to heightened risks related to money laundering and financial crimes. Banks insist such oversight — not political bias — can lead to account closures.
This lawsuit is the latest in a series of legal actions pursued by Trump during his second presidency. He has also targeted media organizations, including a recent multibillion-dollar lawsuit against the BBC and threats of further legal action against The New York Times.
As this case moves forward, it is expected to intensify debate over political influence, corporate discretion, and access to the U.S. financial system.
Reporting by Noko David.
