Jamie Dimon, the Chairman and CEO of JPMorgan Chase, spoke at the Reagan National Defense Forum held at the Ronald Reagan Presidential Library in Simi Valley, California, on December 6, 2025.
President Donald Trump announced on Saturday his intention to sue JPMorgan Chase, accusing the bank of 'debanking' him. This alleged incident followed the January 6, 2021, riot at the U.S. Capitol.
In a social media statement, Trump declared, "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," adding, "The Election was RIGGED!"
JPMorgan spokesperson Trish Wexler responded, "While we won't get specific about a client, we don't close accounts because of political beliefs. We appreciate that this Administration has moved to address political debanking and we support those efforts."
In August, Trump signed an executive order mandating banks to ensure they are not denying financial services based on religious or political beliefs, labeling such actions as "debanking."
Trump has claimed, without evidence, that banks discriminated against him personally. He alleged that JPMorgan Chase and Bank of America refused his deposits after his first presidential term.
At the time, JPMorgan asserted that it doesnât close accounts for political purposes, and Bank of America declined to discuss client matters. BofA expressed a desire for clearer regulatory guidance.
The Trump family has a history of criticizing financial institutions for alleged bias based on political orientation. Donald Trump Jr. previously stated that the difficulties in accessing services from major banks led the family to explore cryptocurrency.
"So, [my family] got into crypto, not because it was like, 'hey, this is the next cool thing,' we got into it out of necessity," he told CNBC last June.
JPMorgan's shares have dropped about 5% over the past week, despite surpassing earnings expectations in its fourth quarter. The decline is attributed in part to Trumpâs recent push to cap credit card rates at 10%, with compliance expected by January 20.
Trump's legal challenge against JPMorgan coincides with his denial of a Wall Street Journal report claiming he had offered Jamie Dimon the role of Federal Reserve Chairman, an offer Dimon reportedly took as a joke. Trump refuted the claim, questioning the Journal's reporting process.
"This statement is totally untrue, there was never such an offer," Trump stated, adding, "Why wouldn't The Wall Street Journal call me to ask whether or not such an offer was made? I would have very quickly told them, 'NO,' and that would have been the end of the story."
Wexler from JPMorgan commented that the 'offer' mentioned was a misunderstanding. "I should have been more vigilant in correcting that word while attempting to dispute the WSJ's anonymous sources," she remarked.
The Wall Street Journal did not immediately respond to a request for comment sent outside normal business hours.
Current Fed Chairman Jerome Powellâs term is set to end on May 15.