President Donald Trump announced he will file a lawsuit against JPMorgan Chase in the coming weeks, accusing the bank of improperly cutting off his banking services following the January 6, 2021 U.S. Capitol riot. Trump made this announcement on his social media platform, reiterating his long-held claims that financial institutions severed ties with him for political reasons.
Trump also denied a report suggesting he offered JPMorgan CEO Jamie Dimon the position of Federal Reserve chairman, labeling the report as false and unrelated to his pending legal action. JPMorgan has stated that it does not close accounts based on political or religious beliefs and has denied any improper conduct.
Legal experts suggest this dispute could bring to light broader tensions between public officials and private financial firms, particularly concerning issues of political influence and institutional independence.
Trump’s Accusations and JPMorgan’s Response
Trump stated that the bank “incorrectly and inappropriately debanked” him after January 6, which allegedly forced him to move significant funds on short notice. He linked the bank’s decision to what he described as political pressure following the riot and indicated the lawsuit would be filed within the next two weeks.
In his statement, Trump also reasserted his claim that the 2020 election was “rigged,” and commented that the protest on January 6 “turned out to be correct.” This statement continues to echo his long-disputed election narratives.
JPMorgan has contested Trump’s claims. The bank’s leadership has consistently stated that decisions are not made based on political views and that its account policies are guided by corporate compliance and legal standards. JPMorgan also declined to provide direct comment on the planned lawsuit when approached by business news outlets.
The denial of any job offer to Dimon emerged amid this dispute. Trump responded to reports suggesting he had considered Dimon for a high-level Federal Reserve post, asserting that no such offer was ever extended. Dimon himself has publicly stated he has no interest in the Fed chair role.
Broader Context and Historical Banking Tensions
The accusation touches upon a concept known as “debanking,” which refers to banks severing relationships with customers perceived as high risk or controversial. This practice has drawn scrutiny from lawmakers and civil rights advocates when it appears to be linked to political or social activities.
In recent years, several prominent figures have criticized major financial institutions for restricting access to services, arguing that these decisions reflect bias rather than standard risk management practices. Such disputes have prompted regulatory reviews and congressional hearings.
Trump’s planned lawsuit arrives amidst broader legal and political battles involving his administration. It adds another dimension to ongoing discussions about the role of financial institutions in public life and how they navigate the balance between legal obligations and customer relationships.