Trump Is Suing One of Wall Street's Biggest Banks

President Trump is taking one of Wall Street's biggest banks to court, claiming it tried to quietly cut him off over politics and then blacklist him. In a lawsuit filed Thursday in Florida state court, Trump and several of his hospitality businesses accuse JPMorgan Chase and CEO Jamie Dimon of "debanking" them for political and "woke" reasons and seek at least $5 billion in damages, Fox Business reports. The suit says Trump had banked with JPMorgan for decades and moved "hundreds of millions of dollars" through the institution before the relationship abruptly changed in early 2021.

According to the complaint, JPMorgan notified Trump's entities on Feb. 19, 2021, that multiple accounts they used and controlled would be closed by April 19, allegedly without meaningful explanation, recourse, or alternatives. Trump's lawyer, Alejandro Brito, argues the closures were driven by political and social pressure after the Jan. 6, 2021, Capitol riot, and that the bank's actions contradict its stated commitment to integrity and non-discrimination. The suit further claims JPMorgan or Dimon caused Trump, the Trump Organization, related entities, and Trump family members to be placed on a banking "blacklist" accessible to federally regulated institutions—a list typically reserved, the filing says, for customers with serious compliance or misconduct issues.

The lawsuit argues that JPMorgan "debanked plaintiff's accounts because it believed that the political tide at the moment favored doing so." JPMorgan rejects the allegations. "We believe the suit has no merit," a bank spokesperson said, per the AP. "JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company." The spokesperson said, "We respect the President's right to sue us and our right to defend ourselves—that's what courts are for." Trump's team is demanding a jury trial, while similar "debanking" claims by the Trump Organization against Capital One, filed in 2025, remain pending.