Donald Trump has filed a lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, seeking at least $5bn in damages. The US president alleges that the bank stopped offering him banking services following the Capitol riot on January 6, 2021, accusing it of 'debanking' him for political reasons.
The lawsuit, filed in Miami by Trump's personal lawyer Alejandro Brito, claims that JPMorgan placed Trump, the Trump Organization, and his family on a blacklist without providing any recourse. The suit contends that the decision was 'final and unequivocal' and driven by 'political and social motivations' and 'woke' beliefs.
JPMorgan responded in a statement, saying, 'While we regret President Trump has sued us, we believe the suit has no merit.' A spokesperson added that the bank does not close accounts for political or religious reasons, but due to legal or regulatory risk. Shares in JPMorgan edged up 0.4% in New York trading.
Trump's legal action follows a Wall Street Journal report that he had offered Dimon the role of Federal Reserve chair last year, which Trump denied. The president has also accused other banks, including Bank of America, of similar treatment, though both banks have denied the allegations.
The case echoes the UK's 'debanking' controversy involving Nigel Farage and NatWest, which led to the resignation of CEO Dame Alison Rose in 2023. Trump's lawsuit adds to his ongoing legal battles against media companies for defamation.
