U.S. President Donald Trump has filed a lawsuit against JPMorgan Chase & Co. and its CEO Jamie Dimon, accusing them of unfairly closing his bank accounts for political reasons. Trump is seeking $5 billion in damages.
This is a serious escalation of the conflict between Trump and the largest bank in the U.S. by assets, writes the Financial Times.
In August 2025, the president spoke about the bank's refusal to work with him after the end of his first presidential term in 2021.
The lawsuit, filed in Florida state court in Miami-Dade County, claims that JPMorgan notified him and his affiliated companies in February 2021 of its planned account closures within two months. "The bank made a unilateral decision for political and social reasons" to distance itself from "President Trump and his conservative political views," the lawsuit states.
In November, the bank reported that U.S. regulators were reviewing its practices to assess whether the bank provides fair access to its services.
"We regret that President Trump has filed a lawsuit against us and consider this lawsuit baseless," JPMorgan stated. "We respect the president's right to sue and our right to defend ourselves - that is what courts are for."
The statement also noted that the bank does not close accounts for political or religious reasons, but only in cases where they "pose legal or regulatory risks," often making such decisions due to the demands and expectations of regulators.
