US President Donald Trump has sued major bank JP Morgan Chase and its CEO Jamie Dimon for at least five billion dollars. The accusation: The bank ended business ties with Trump and his companies in 2021 for political reasons.
US President Donald Trump filed a lawsuit on Thursday, January 22, 2026, against the New York-based major bank JP Morgan Chase (JPMC) and its CEO Jamie Dimon. The complaint, submitted by attorney Alejandro Brito to the District Court in Miami-Dade County, Florida, demands at least five billion dollars in damages. Trump accuses the bank of "debanking" him and his companies for political motives.
The terminations occurred shortly after Trump's election defeat to Joe Biden in November 2020 and the storming of the US Capitol on January 6, 2021. According to the complaint, plaintiffs, including Trump golf clubs and Trump Miami Resort Management, were notified on February 19, 2021, that their accounts would close in April 2021. The plaintiffs had been customers for decades and processed hundreds of millions of dollars through the bank. "The plaintiffs are firmly convinced that JPMC's unilateral decision was based on political and social motives as well as JPMCs unfounded, 'woke' views," states the lawsuit.
JP Morgan rejected the allegations. In a statement, it said: "We respect the President's right to sue us and ours to defend – that's what courts are for." The bank emphasized that accounts are not closed for political or religious reasons but due to legal or regulatory risks. "We close accounts because they pose a legal or regulatory risk to the company." JP Morgan's shares rose slightly.
Relations between Trump and Dimon are strained. Dimon recently criticized Trump's proposal to cap credit card interest rates at ten percent as an "economic catastrophe." In the broader context, there is criticism of "woke" banks: The US supervisory authority OCC is investigating whether institutions discriminate against customers based on political views. A report from last year named JP Morgan among those affected.
