Donald Trump has sued JPMorgan Chase and its CEO, Jamie Dimon, for at least $5bn, accusing America's largest bank of 'debanking' him after the January 6 Capitol riot. The US president alleges the bank stopped offering him banking services in the wake of the attack, claiming it 'incorrectly and inappropriately' discriminated against him.
The lawsuit, filed in Miami by Trump's personal lawyer Alejandro Brito, claims JPMorgan put Trump, the Trump Organization, affiliated entities, and family members on a blacklist without providing any recourse or remedy. The suit asserts the bank's decision was 'final and unequivocal' and driven by 'political and social motivations' and 'unsubstantiated, woke beliefs'.
JPMorgan responded that the suit 'has no merit', stating it does not close accounts for political or religious reasons but only due to legal or regulatory risk. A spokesperson added that 'rules and regulatory expectations' often lead to such actions. Shares in JPMorgan closed up 0.4% in New York after the filing.
Trump, who has also targeted Bank of America over similar allegations, announced the lawsuit on social media last weekend. Both banks have denied the claims. The case echoes the UK controversy where NatWest CEO Dame Alison Rose resigned in 2023 after an inaccurate BBC story about Nigel Farage's debanking.
