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President Donald Trump has launched a<a href="https://www.reuters.com/business/finance/trump-sues-jpmorgan-chase-ceo-dimon-over-alleged-political-debanking-fox-2026-01-22/"> $5 billion lawsuit</a> against JPMorgan Chase (JPMC) ​and its CEO, Jamie ‍Dimon.

Trump, in the lawsuit, has accused JPMC of “debanking” him for political reasons following the Jan. 6, 2021, breach of the U.S. Capitol.

Debanking refers to the practice of closing the bank accounts of a customer or refusing to do business with a customer in the form of loans or other services.

In an emailed statement to NTD, JPMorgan Chase dismissed the president’s claims.

“While we regret President Trump has sued us, we believe the suit has no merit,” the email states. “We respect the President’s right to sue us and our right to defend ourselves - that’s what courts are for.”

JPMC explained that it doesn’t discriminate against its customers based on the reasons that the president has alleged.

“JPMC does not close accounts for political or religious reasons,” the bank added. “We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so.  We have been asking both this Administration and prior 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 sector.”

Trump lawyers in the lawsuit alleged that JPMC abruptly closed multiple accounts in February 2021 with just 60 days' notice and without explanation, alleging they only did it because the “political tide at the moment favored doing so.”  The action, Trump’s lawyers claim, cut his businesses from millions of dollars and forced them to open accounts with other banks.

The bank’s conduct, the lawsuit states, aims to “coerce the public to  shift and re-align their political views.”

The legal action comes after Trump last week threatened to sue JMPMC, the nation’s largest lender, at a time of escalated tensions between the White House and Wall Street. The president has expressed his desire to cap interest rates on credit cards at 10 percent to help lower costs for American consumers, while acknowledging that credit card companies, including Chase, don’t like his proposal.

"I've had calls from credit card companies, people that are friends of mine, actually, and I treat them good,” <a href="https://www.reuters.com/business/davos/trump-says-he-has-received-calls-credit-card-companies-2026-01-21/">Trump said</a> during a CNBC interview.”I respect them greatly, but they make a lot ‌of money, they got to give people a break.”

Bank industry executives have also pushed back at Trump’s attacks on the independence of the Federal Reserve.

Reuters contributed to this report.

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