On January 22, 2026, President Donald Trump filed a $5billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, alleging they engaged in “debanking” by closing his accounts for political reasons. Trump alleges JPMorgan closed accounts that had been in good standing for decades due to his conservative political views.
Lawsuit claims Dimon ordered “Blacklist” after Trump left office in 2021
The lawsuit, filed in a Miami-Dade County court in Florida, claims the bank abruptly terminated multiple accounts belonging to Trump and his businesses in February 2021, shortly after he left office and in the wake of the January 6 Capitol riot.
The suit claims Jamie Dimon personally ordered a “blacklist” to warn other financial institutions against doing business with the Trump Organization, Trump’s family, and the President himself. Trump states the 60-day notice period forced his businesses to urgently relocate millions of dollars, causing significant financial and reputational harm. The filing cites violations of Florida’s Unfair and Deceptive Trade Practices Act, trade libel, and breach of good faith.
The lawsuit comes during a period of heightened friction between the White House and Wall Street. CEO Jamie Dimon has recently criticized administration policies, specifically calling Trump’s proposal to cap credit card interest rates at 10% an “economic disaster.”
Additionally, the Trump administration’s Office of the Comptroller of the Currency (OCC) recently reported that large banks have restricted services to controversial industries, further fueling the administration’s push against alleged “debanking.”
In August 2025, Trump signed an executive order directing federal regulators to eliminate “reputational risk” as a valid reason for closing accounts.
JPMorgan says lawsuit has “No Merit“
JPMorgan Chase has stated the lawsuit has “no merit” and that it will vigorously defend itself in court. A bank spokesperson emphasized that JPMC does not close accounts for political or religious reasons, but rather when they “create legal or regulatory risk for the company.”
The bank noted that while it regrets the legal action, it operates under strict rules and has previously urged administrations to change regulations that lead to such account closures.
While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for.JPMorgan’s statement
JPMorgan’s statement
Fed chair rumors debunked
The timing of the lawsuit coincided with rumors of Jamie Dimon being offered the Fed Chair position, which has been officially debunked by both parties as of late January 2026. On January 17, 2026, Jamie Dimon confirmed he was never offered the role of Fed Chair.
Trump disputed a Wall Street Journal report that suggested he had offered Dimon the position, explicitly stating on social media: “Why would I give it to Jamie?”
Dimon previously stated there was “absolutely, positively no chance” he would take the Fed Chair role, though he notably said he would “take the call” for the position of Treasury Secretary.
On January 30, 2026, President Trump officially nominated Kevin Warsh, a former Federal Reserve Governor, to succeed Jerome Powell when his term ends in May 2026.
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