WORLD
President Trump drags JPMorgan Chase, CEO Jamie Dimon to court on closing his accounts
- IBJ Bureau
- Jan 25, 2026
US President Donald Trump has filed a $5-billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon. Mr Trump has accused them of de-banking him by closing several of his accounts to further a political agenda.
The lawsuit, filed in a Florida State court in Miami-Dade County, accused the largest US bank of violating its own policies by singling out Mr Trump to ride the “political tide”.
JPMorgan has denied that it closes accounts for political or religious reasons.
“While we regret (that) President Trump has sued us, we believe (that) the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves,” JPMorgan has added.
Mr Trump has told reporters aboard Air Force One that he has not spoken with Mr Dimon about the lawsuit.
“You are not allowed to do what they did. So wrong; I do not know what their excuse would be. Maybe, their excuse would be the regulators,” Mr Trump told the reporters.
Mr Trump has also attacked other lenders, including Bank of America, with allegations of de-banking, and recently stirred up industry opposition by demanding a 10 per cent cap on credit card interest rates.
Mr Dimon, who has run JPMorgan for two decades and is one of the most influential figures in corporate America, had recently told the World Economic Forum that capping card rates would curb access to credit for many consumers and amount to an “economic disaster”.
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