President Trump has filed a lawsuit against JPMorgan Chase and its chief executive, Jamie Dimon, seeking at least $5 billion in damages and accusing the bank of cutting ties with him for political reasons. The complaint, filed in Florida state court in Miami, alleges that JPMorgan engaged in trade libel and breached an implied covenant of good faith and fair dealing, while also claiming that Dimon violated Florida’s Unfair and Deceptive Trade Practices Act.
Trump’s legal action follows his public claims last August that JPMorgan and Bank of America had refused to do business with him, forcing him to seek financing from smaller banks. In interviews, Trump argued that the banks were discriminating against him and other conservatives, suggesting that the decision to sever ties was politically motivated. He said he had been told that JPMorgan asked him to close longstanding accounts within 20 days and that Bank of America declined to accept a deposit of more than $1 billion from his company, though he did not provide details on when these incidents occurred.
JPMorgan has dismissed the lawsuit as without merit. The bank said it does not close accounts for political or religious reasons, but instead takes action when accounts pose legal or regulatory risks. The company added that it has urged both the current and previous administrations to change rules that place banks in difficult positions, and said it supports efforts to prevent the “weaponisation” of the banking sector.
The lawsuit comes amid a broader debate over so-called “de-banking,” a term used to describe the closure of accounts when banks judge customers to be reputational risks. During the Biden administration, regulators required banks to factor reputational risk into their oversight processes. However, in June, the Federal Reserve announced it would remove reputational risk from examination criteria after backlash over allegations that customers were being targeted for political beliefs.
Dimon, one of Wall Street’s most influential bankers, has recently criticized some of Trump’s economic policies, including a proposed 10 per cent cap on credit card interest rates. Speaking at the World Economic Forum in Davos, he warned that such a cap would reduce access to credit for millions of Americans. He has also defended the independence of the Federal Reserve, cautioning that political interference could drive up inflation and interest rates.
