Here’s why Donald Trump lashed out at Jamie Dimon, threatened to sue JPMorgan — All you need to know

United States President Donald Trump has lashed out at Jamie Dimon, chief executive of major American lender JPMorgan Chase & Co., after the executive claimed he was offered the job of chairman of the US Federal Reserve and turned down the offer.

Donald Trump had also threatened to sue the bank, claiming that it was removed from the bank following the January 6 Capitol riot in 2021.

Donald Trump has denied reports that Jamie Dimon has been offered the job of US Fed chairman. “This statement is completely false, there was never such an offer, and in fact, I will be suing JPMorgan Chase within the next two weeks for wrongfully and improperly RELEASING MY BANKS after the January 6th Protest,” he wrote on Truth Social late January 17th.

‘Scott Bessent is doing a great job, no offer for Dimon’

Donald Trump also addressed speculation that Jamie Dimon might want to take over as Treasury Secretary, currently held by Scott Bessent.

“Also, he was led to believe that I offered Jamie Dimon the job of Treasury Secretary, but that would be a job he would be very interested in. The problem is, Scott Bessent is doing a great job, A SUPERSTAR — Why would I give that to Jamie? No such offer was made there, or even considered,” Donald Trump added.

In his long post on the social media site, the US President also claimed that the Capitol riot was “a protest that turned out to be true” and repeated the claim that the 2020 US Presidential elections, won by his predecessor Joe Biden, were rigged.

Donald Trump vs. JPMorgan: What is a banking divestment?

Donald Trump did not specify in his post the alleged actions taken by JPMorgan or what he planned to do legally. But this isn’t the first time the billionaire has claimed his lender closed his bank account.

In August of last year, Donald Trump claimed that JPMorgan “discriminated against me so badly” after the Capitol riot that he allegedly closed accounts he had held with them for decades, according to a report from Bloomberg.

The report stated that JPMorgan stated at the time that it was affected by legal actions, investigations and investigations related to the Trump administration’s fight against “bank liquidation.”

According to CGAA.org, it is the practice of banks and financial institutions to terminate or limit their relationships with individual customers, companies or countries due to perceived risks.

These risks often include regulatory requirements, money laundering concerns, poor credit history, involvement in high-risk industries or being a Politically Exposed Person (PEP), he added.

What did JPMorgan and Jamie Dimon say about the accusations?

In a statement emailed to Bloomberg, Jamie Dimon said he had not received any job offers from management. He added: “I have great respect for Secretary Bessent and I think he has done an excellent job for our country, better than I could have done.”

Earlier, speaking at a US Chamber of Commerce event on January 15, the banker responded to questions about considering the post of Fed chair: “Fed Chairman, I would absolutely, absolutely not take any chance, in any way, in any way, in any way.”

When it comes to running the Treasury, he said, “I would accept the call,” according to Bloomberg’s report.

JPMorgan spokeswoman Trish Wexler told Bloomberg in an emailed statement: “We agree that no one’s account should be closed due to political or religious beliefs. We appreciate this administration’s action on dismantling political banking and support those efforts.”

It is noteworthy that Donald Trump has not yet announced who will replace outgoing Fed Chairman Jerome Powell, whose term ends in May 2026.

The report stated that on January 13, Jamie Dimon weighed in on the Trump administration’s investigations into the Fed and Powell, saying that reducing the Fed’s independence was “not a good idea” and could lead to higher inflation and interest rates over time.

(With input from Bloomberg)