President Donald Trump initiated a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, alleging that the bank discontinued financial services for him and his organizations for political reasons following his departure from the White House in January 2021.
According to Trump’s court filing, JPMorgan closed multiple accounts connected to Trump and his businesses in February 2021, providing 60 days’ notice but no explanation for the move. Trump asserts that this action disconnected his companies from access to substantial funds, disrupted routine operations, and necessitated an urgent effort to find alternative banking partners.
The complaint also states that Trump personally contacted Dimon for clarification after learning of the closures, receiving assurances of further investigation, but alleges that Dimon did not follow up as promised.
Additionally, the lawsuit claims that JPMorgan included Trump and his entities on a reputational “blacklist,” which is purportedly referenced by both the bank and others in the industry to restrict future account access.
JPMorgan responded, stating that it views the lawsuit as baseless and denied closing accounts for political or religious considerations. The bank indicated that such account closures generally stem from legal or regulatory obligations. JPMorgan attributed its actions to compliance with federal requirements and emphasized that these protocols have been discussed with regulatory authorities across multiple administrations.
