Former President Donald Trump has announced his intention to file a lawsuit against JPMorgan Chase, claiming the bank improperly “debanked” him following the January 6, 2021, Capitol riot, reports Baltimore Chronicle via CNBC. Trump made the statement in a post on his social media platform, Truth Social, asserting that the bank’s actions were unjustified and politically motivated. In the same post, he also denied a report suggesting that he had offered JPMorgan CEO Jamie Dimon the position of Federal Reserve chairman during a White House meeting earlier this year.
“I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest, a protest that turned out to be correct for those doing the protesting. The Election was RIGGED!” Trump wrote in his post.
Neither JPMorgan Chase nor the White House responded immediately to requests for comment from CNBC. Last August, Trump signed an executive order mandating that banks ensure they do not refuse services to clients based on their political or religious beliefs, addressing what is often referred to as “debanking.” Trump has previously claimed, without providing supporting evidence, that financial institutions, including JPMorgan Chase and Bank of America, discriminated against him personally by refusing to accept his deposits following his first presidential term.
JPMorgan Chase has stated that it does not close accounts based on political orientation, while Bank of America declined to comment on individual client matters but welcomed clearer regulatory guidance. Trump and his family have a longstanding history of criticizing banks for allegedly refusing to provide services due to their political stance. Donald Trump Jr. previously said that these challenges with traditional banking prompted the family’s involvement in the cryptocurrency sector, which he described as a necessity rather than a strategic choice.
In financial markets, JPMorgan shares have declined roughly 5% over the past week despite the bank surpassing fourth-quarter earnings and revenue expectations. Shares, along with other banking stocks, fell in response to Trump’s proposal to cap credit card interest rates at 10%, which would require financial firms to comply by January 20.
Trump’s legal threat coincides with his denial of a report by The Wall Street Journal claiming he had offered Dimon the role of Federal Reserve chairman months ago during a White House discussion. According to the report, Dimon reportedly took the proposal as a joke. Trump refuted the claim, emphasizing there was no such offer and questioning why the Journal did not contact him for confirmation.
Neither The Wall Street Journal nor JPMorgan responded immediately to requests for comment sent outside standard business hours. Current Federal Reserve Chairman Jerome Powell’s term is set to end on May 15, 2026.
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