Jamie Dimon, Chairman and CEO of JPMorgan Chase, spoke at the Reagan National Defense Forum at the Ronald Reagan Presidential Library in Simi Valley, California, on December 6, 2025.
On Saturday, former President Donald Trump threatened to sue JPMorgan Chase, alleging the bank 'debanked' him following the January 6, 2021, riot at the U.S. Capitol.
"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," Trump said in a social media post. "The Election was RIGGED!"
In response, JPMorgan spokesperson Trish Wexler stated, "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 requiring banks to ensure they are not refusing financial services based on clients’ religious or political beliefs, addressing the issue known as 'debanking.'
During an August interview with CNBC, Trump claimed without evidence that he was personally discriminated against by banks, asserting that JPMorgan Chase and Bank of America refused his deposits following his first presidential term.
At the time, JPMorgan maintained that it does not close accounts for political reasons, while Bank of America refrained from commenting on client matters but expressed a desire for clearer regulations.
The Trump family has a history of grievances against financial institutions for perceived political bias. Last year, Donald Trump Jr. mentioned the family's difficulties in accessing major banking services, which reportedly drove them towards the cryptocurrency industry. "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," Trump Jr. shared in a CNBC interview last June.
Recently, JPMorgan shares fell by about 5% over the past week, despite the bank surpassing expectations for its fourth-quarter earnings and revenue on Tuesday. The decline was attributed to Trump's proposal to cap credit card rates at 10%, giving financial institutions until January 20 to comply.
Amidst these tensions, Trump also denied a recent Journal report alleging that he had offered JPMorgan CEO Jamie Dimon the position of Federal Reserve chairman during a White House meeting. The Journal reported that Dimon regarded the proposition as a joke.
Trump refuted the report in a Truth Social post, questioning the credibility of the Wall Street Journal's sources. "This statement is totally untrue, there was never such an offer," he wrote. "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."
Addressing this, JPMorgan's Wexler stated that the 'offer' mentioned was a miscommunication. "I should have been more vigilant in correcting that word while attempting to dispute the WSJ's anonymous sources," she commented.
The Wall Street Journal has not yet responded to a request for comment sent outside of regular business hours. Current Federal Reserve Chairman Jerome Powell's term concludes on May 15.