US President Donald Trump announced on Saturday, January 17, that he will sue JPMorgan Chase in the “next two weeks.”
The move escalates a long-running dispute with the nation’s largest bank over the closure of its accounts following the January 6, 2021 Capitol riot.
Speaking to Truth Social, Trump accused the bank of “inappropriately and improperly debanking him.”
He previously claimed the bank gave him just 20 days to move hundreds of millions of dollars under pressure from the Biden administration.
Contrary to this narrative, JP Morgan has consistently denied all such allegations.
With this lawsuit there is a significant deterioration in the relationship of the American president with the bank and its CEO, Jamie Dimon.
During the 2024 campaign, Dimon was floated as a possible candidate for Treasury secretary, but tensions have since escalated.
The president has repeatedly lashed out at Dimon for criticizing the Justice Department’s criminal investigation into Federal Reserve Chairman Jerome Powell and for opposing Trump’s proposal to cap credit card interest rates.
Trump also denied a Wall Street Journal report that he had offered Dimon the job of Federal Reserve chairman, writing, “This claim is completely false; there was never such an offer.”
Bloomberg earlier this week asked Dimon if he would take on the role, to which Dimon responded: “Absolutely, positively no chance, no way, no way, no reason.”
The planned lawsuit is similar to one the Trump Organization filed against Capital One in early 2025, alleging improper account restrictions.
The planned lawsuit against JPMorgan follows a similar legal action the Trump Organization filed against Capital One in early 2025, alleging improper account restrictions. The president’s move reinforces his broader narrative that financial institutions have systematically “unbanked” him and his supporters for political reasons since he left office.
