JPMorganChase Chairman and CEO Jamie Dimon speaks during the Reagan National Defense Forum at the Ronald Reagan Presidential Library in Simi Valley, California, USA, December 6, 2025.
Jonathan Alcorn | Reuters
President Donald Trump threatened a lawsuit on Saturday JPMorgan Chase for allegedly “paying off” him following the riots at the U.S. Capitol on January 6, 2021.
“I will be suing JPMorgan Chase in the next two weeks for falsely and inappropriately DEBANKING me after the January 6th protest, a protest that turned out to be right for those who protested,” Trump said in a social media post. “The election was rigged!”
“While we do not go into specifics about a customer, we do not close accounts based on political beliefs,” said JPMorgan spokeswoman Trish Wexler. “We appreciate that this administration has chosen political debanking and we support this effort.”
In August, Trump signed an executive order requiring banks to ensure they do not deny financial services to customers based on religious or political beliefs – a practice known as “debanking.”
Trump claimed without evidence in a CNBC interview in August that he had personally been discriminated against by banks. He said JPMorgan Chase and Bank of America refused to accept his deposits after his first term.
At the time, JPMorgan said it was not closing accounts for political reasons, while Bank of America said it did not comment on customer matters. BofA also said it would welcome clearer rules from regulators on how to conduct its activities.
Trump and his family have previously railed against financial institutions for allegedly refusing to work with them because of their political leanings.
Last year, Donald Trump Jr. said his family was having difficulty accessing the services of major banks – a situation that reportedly prompted the Trumps to enter the cryptocurrency industry.
“So, [my family] We got into crypto not because we thought, ‘Hey, this is the next cool thing,’ we got into it out of necessity,” Trump Jr. said in an interview with CNBC last June.
JPMorgan shares have fallen about 5% over the past week, even after the bank beat expectations for its fourth-quarter earnings and revenue on Tuesday. Stocks and others in the banking sector fell in response to Trump’s demand to cap credit card fees at 10% and give financial companies until Jan. 20 to comply.
Trump’s legal threat against JPMorgan comes as the president, in the same Truth Social post on Wednesday, denied a Journal report that said the president offered JPMorgan CEO Jamie Dimon the position of Federal Reserve chairman during a meeting at the White House months ago.
According to the Journal report, Dimon thought the suggestion was a joke.
In his contribution, Trump denied the report and underlined his reservations about Dimon and JPMorgan.
“This statement is completely untrue, such an offer never existed,” he wrote. “Why didn’t the Wall Street Journal call me and ask whether such an offer had been made or not? I would have told them ‘NO’ very quickly and that would have been the end of the story.”
JPMorgan’s Wexler said the “offer” reported by the Journal was a miscommunication. “I should have been more vigilant in correcting that word while trying to question the WSJ’s anonymous sources,” she said.
The Journal did not immediately respond to a request for comment sent outside normal business hours.
Current Fed Chair Jerome Powell’s term ends on May 15.