Jamie Dimon, Chairman and CEO, JPMorganChase, speaks through the Reagan Nationwide Protection Discussion board on the Ronald Reagan Presidential Library in Simi Valley, California, U.S. December 6, 2025.
Jonathan Alcorn | Reuters
President Donald Trump on Saturday threatened to sue JPMorgan Chase over allegedly “debanking” him following the Jan. 6, 2021, riot on the U.S. Capitol.
“I will be suing JPMorgan Chase over the subsequent two weeks for incorrectly and inappropriately DEBANKING me after the January sixth Protest, a protest that turned out to be appropriate for these doing the protesting,” Trump mentioned in a social media publish. “The Election was RIGGED!”
“Whereas we can’t get particular a few shopper, we do not shut accounts due to political opinions,” mentioned JPMorgan spokesperson Trish Wexler. “We recognize that this Administration has moved to deal with political debanking and we assist these efforts.”
In August, Trump signed an government order requiring banks to make sure they aren’t refusing monetary providers to shoppers primarily based on spiritual or political opinions, a observe often called “debanking.”
Trump claimed with out proof in an August CNBC interview that he was personally discriminated towards by banks. He mentioned JPMorgan Chase and Financial institution of America refused to take his deposits following his first time period in workplace.
On the time, JPMorgan mentioned it doesn’t shut accounts for political causes, whereas Financial institution of America mentioned it does not touch upon shopper issues. BofA additionally mentioned it could welcome clearer guidelines from regulators on how one can conduct its actions.
Trump and his household have a historical past of railing towards monetary establishments for allegedly refusing to work with them on the premise of their political orientation.
Final 12 months, Donald Trump Jr. mentioned his household had issue accessing huge financial institution providers — a state of affairs that allegedly prompted the Trumps to enter the cryptocurrency trade.
“So, [my family] acquired into crypto, not as a result of it was like, ‘hey, that is the subsequent cool factor,’ we acquired into it out of necessity,” Trump Jr. advised CNBC in an interview final June.
JPMorgan shares are down about 5% over the previous week, even after the financial institution on Tuesday topped expectations for its fourth-quarter earnings and income. The shares, and others within the banking sector, fell in response to Trump’s demand to cap bank card charges at 10%, giving monetary companies till Jan. 20 to conform.
Trump’s authorized risk towards JPMorgan comes because the president, in the identical Reality Social publish, denied a Journal report on Wednesday that mentioned the president had provided JPMorgan CEO Jamie Dimon the place of Federal Reserve chairman months in the past throughout a gathering on the White Home.
Dimon took the proposition as a joke, in response to the Journal report.
In his publish, Trump denied the report, underscoring his reservations about Dimon and JPMorgan.
“This assertion is completely unfaithful, there was by no means such a suggestion,” he wrote. “Why would not The Wall Avenue Journal name me to ask whether or not or not such a suggestion was made? I might have in a short time advised them, “NO,” and that may have been the tip of the story.”
JPMorgan’s Wexler mentioned the “provide” reported by the Journal was a miscommunication. “I ought to have been extra vigilant in correcting that phrase whereas trying to dispute the WSJ’s nameless sources,” she mentioned.
The Journal didn’t instantly reply to a request for remark despatched outdoors of regular enterprise hours.
Present Fed Chairman Jerome Powell’s time period ends on Might 15.
