Trump's Announcement
President Donald Trump announced plans to file a lawsuit against JPMorgan Chase, accusing the bank of improperly cutting off his access to banking services following the January 6, 2021, Capitol riot.
Trump made the threat in a statement on his Truth Social platform Saturday, saying the bank “incorrectly and inappropriately DEBANKED me” and asserting that he plans to pursue legal action within the next two weeks.
In the post, Trump also denied claims published in a recent report by The Wall Street Journal that he had offered JPMorgan’s chief executive Jamie Dimon the position of Federal Reserve chair.
Trump dismissed the report as “totally untrue” and criticized the Wall Street Journal for not verifying details with him before publication.
Historical Grievances and Debanking Claims
Trump’s allegations revive longstanding grievances about his relationship with major banks after he left office in 2021.
In August 2025, he accused JPMorgan and Bank of America of discrimination for refusing his deposits and those of his supporters, claiming that regulators under the Biden administration had pressured financial institutions to sever ties with him and aligned customers, claims that banks denied at the time.
“Debanking” refers to the sudden closure of accounts or refusal of financial services, a phenomenon that has attracted both political controversy and academic analysis.
Critics argue that pressure from regulators can lead banks to end client relationships to avoid reputational or compliance risk without transparent explanations.
Discussions around debanking have surfaced in policy and legal analyses, which suggest government influence can be a factor in certain account closures.
JPMorgan has maintained that it does not close accounts for political reasons. In past statements, the bank stressed that decisions to end customer relationships are driven by compliance and risk considerations rather than ideology.
Broader Financial and Political Context
The dispute comes amid a broader backdrop of political friction between Trump and financial institutions.
JPMorgan’s Dimon has recently warned against political efforts to influence the Federal Reserve and its independence, a topic that has drawn public support from other Wall Street leaders.