Trump sues JPMorgan and chief executive Jamie Dimon over alleged ‘debanking’

David Voreacos

January 23, 2026 — 5:50 am

President Donald Trump, JPMorgan Chase & Co. and its billionaire chief executive Jamie Dimon for at least US$5 billion ($7.3 billion) over allegations that the lender stopped providing banking services to him and his businesses for political reasons.

The complaint, filed in Miami-Dade County state court on Thursday (US time), accuses the bank of trade libel and breach of the implied covenant of good faith and fair dealing. It also says Dimon violated Florida’s deceptive trade practices law. The accounts were not closed for political or religious reasons, the bank said.

Jamie Dimon has been at the helm of America’s largest bank for two decades.Bloomberg

Trump has repeatedly singled out JPMorgan in his effort to stamp out what he sees as banks refusing to provide financial services to customers for ideological reasons. The largest U.S. bank announced in November that it was facing scrutiny, investigations and legal action tied to the Trump administration’s fight against “bank divestment.” Separately, the Trump Organization had already sued Capital One Financial Corp. over similar allegations.

“Bank banking is a matter of public interest and great importance to all consumers and businesses in the United States – and JPMC, especially given its storied and prominent history, is a central actor in this ongoing and troubled saga,” according to a copy of the complaint reviewed by Bloomberg. The case was not immediately found in court records.

In its statement, the bank said that the case had no basis.

“We are closing the accounts because they pose legal or regulatory risk to the company,” JPMorgan said.

Trump has repeatedly singled out JPMorgan in his effort to stamp out what he sees as banks refusing to provide financial services to customers for ideological reasons.Bloomberg

“We regret having to do this, but often rules and regulatory expectations direct us to do so. We have asked both this Administration and previous administrations to change the rules and regulations that put us in this position, and we support the Administration’s efforts to prevent the weaponization of the banking industry.”

Trump’s lawyers said in the complaint that Florida prohibits financial institutions from terminating banking relationships with a person or business “because of their political views, speech, or affiliations.”