President Donald Trump said he will file a lawsuit against JPMorgan Chase in the coming weeks, accusing the bank of improperly cutting off his banking services after the January 6, 2021 U.S. Capitol riot. Trump made the announcement Saturday on his social media platform, repeating long-held claims that financial institutions severed ties with him for political reasons.
Trump also denied a report that he offered JPMorgan CEO Jamie Dimon the position of Federal Reserve chairman, calling it false and unrelated to his pending legal action. JPMorgan says it does not close accounts based on political or religious beliefs, and it has denied any improper conduct.
Legal experts say the dispute could highlight broader tensions between public officials and private financial firms, especially around questions of political influence and institutional independence.
Trump’s Accusations and JPMorgan’s Response
Trump said the bank “incorrectly and inappropriately debanked” him after January 6, forcing him to allegedly move significant funds on short notice. He tied the bank’s decision to what he describes as political pressure following the riot and said the lawsuit would be filed within the next two weeks.
In his message, Trump also reasserted his claim that the 2020 election was “rigged,” and said the protest on January 6 “turned out to be correct,” a statement that continues to echo his long-disputed election narratives.
JPMorgan has pushed back on Trump’s claims. The bank’s leadership has repeatedly said it does not make decisions based on political views, and that corporate compliance and legal standards guide its account policies. JPMorgan also declined to comment directly on the planned lawsuit when asked by business news outlets.
The denial of any job offer to Dimon surfaced amid the dispute. Trump responded to reports suggesting he had considered Dimon for a top Federal Reserve post, saying no such offer was ever extended. Dimon has also publicly stated he has no interest in the Fed chair role.
Broader Context and Historical Banking Tensions
The accusation touches on a concept known as “debanking,” where banks sever relationships with customers perceived as high risk or controversial. The practice has drawn scrutiny from lawmakers and civil rights advocates when it appears tied to political or social activities.
In recent years, several high-profile figures have criticized major financial institutions for restricting access to services, arguing that the decisions reflect bias rather than standard risk management. Such disputes have led to regulatory reviews and congressional hearings.
Trump’s planned suit comes amid broader legal and political battles involving his administration. It adds another chapter to ongoing debates about the role of financial institutions in public life and how they balance legal obligations with customer relationships
Source: https://coinpaper.com/13836/trump-threatens-jp-morgan-with-lawsuit-claims-bank-debanked-him
