Jamie Dimon, Chairman and CEO, JPMorganChase, speaks in the course of 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 stated in a social media put up. “The Election was RIGGED!”
“Whereas we can’t get particular a couple of consumer, we do not shut accounts due to political views,” stated JPMorgan spokesperson Trish Wexler. “We admire that this Administration has moved to handle political debanking and we assist these efforts.”
In August, Trump signed an government order requiring banks to make sure they aren’t refusing monetary companies to purchasers based mostly on non secular or political views, a follow referred to as “debanking.”
Trump claimed with out proof in an August CNBC interview that he was personally discriminated in opposition to by banks. He stated JPMorgan Chase and Financial institution of America refused to take his deposits following his first time period in workplace.
On the time, JPMorgan stated it doesn’t shut accounts for political causes, whereas Financial institution of America stated it does not touch upon consumer issues. BofA additionally stated it might welcome clearer guidelines from regulators on the best way to conduct its actions.
Trump and his household have a historical past of railing in opposition to monetary establishments for allegedly refusing to work with them on the premise of their political orientation.
Final yr, Donald Trump Jr. stated his household had problem accessing huge financial institution companies — a scenario that allegedly prompted the Trumps to enter the cryptocurrency business.
“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 corporations till Jan. 20 to conform.
Trump’s authorized risk in opposition to JPMorgan comes because the president, in the identical Reality Social put up, denied a Journal report on Wednesday that stated 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 keeping with the Journal report.
In his put up, Trump denied the report, underscoring his reservations about Dimon and JPMorgan.
“This assertion is completely unfaithful, there was by no means such a proposal,” he wrote. “Why would not The Wall Avenue Journal name me to ask whether or not or not such a proposal was made? I’d have in a short time advised them, “NO,” and that will have been the top of the story.”
JPMorgan’s Wexler stated the “supply” 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 stated.
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 Could 15.
