US president alleges JP Morgan stopped offering him banking services in wake of January 6 attack<\/p>\n\n\n\n
Donald Trump has sued JPMorgan Chase and its CEO, Jamie Dimon, for at least $5bn after accusing America\u2019s largest bank of \u201cdebanking\u201d him.<\/p>\n\n\n\n
The US president alleged that the bank stopped offering him banking services in the wake of the Capitol riot on January 6. Earlier this month, he claimed it had \u201cincorrectly and inappropriately\u201d discriminated against him.<\/p>\n\n\n\n
The lawsuit was filed in Miami by Alejandro Brito, Trump\u2019s Miami-based personal lawyer, who also has been involved in Trump\u2019s legal action against media companies such as ABC News and the BBC for defamation.<\/p>\n\n\n\n
\u201cWhile we regret President Trump has sued us, we believe the suit has no merit,\u201d JP Morgan said in a statement. \u201cWe respect the president\u2019s right to sue us and our right to defend ourselves \u2013 that\u2019s what courts are for.\u201d<\/p>\n\n\n\n
The bank \u201cdoes not close accounts for political or religious reasons\u201d, a spokesperson added. \u201cWe do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so.\u201d<\/p>\n\n\n\n
Shares in JP Morgan slipped slightly after the filing was first reported. They closed up 0.4% late in New York.<\/p>\n\n\n\n
In the lawsuit, Trump\u2019s lawyers alleged that the bank had put Trump, the Trump Organization and its affiliated entities, along with members of Trump\u2019s family, on a blacklist.<\/p>\n\n\n\n
JP Morgan \u201cdid not provide plaintiffs with any recourse, remedy or alternative \u2013 its decision was final and unequivocal\u201d, the lawsuit claims, claiming that Trump and the other plaintiffs are \u201cconfident that JPMC\u2019s unilateral decision came about as a result of political and social motivations, and JPMC\u2019s unsubstantiated, \u2018woke\u2019 beliefs that it needed to distance itself from President Trump and his conservative political reviews\u201d.<\/p>\n\n\n\n
Later on Thursday, Trump told reporters he had not spoken directly to Dimon.<\/p>\n\n\n\n
Last weekend, the president announced<\/a> on social media he would file a lawsuit against the bank, accusing it of removing his accounts after the January 6 insurrection. Trump has said several banks, including JP Morgan and Bank of America, rejected his deposits after the riot, though both banks have denied the allegations.<\/p>\n\n\n\n The post seemed to be inspired by a Wall Street Journal report<\/a> that Trump had offered Dimon the role of Federal Reserve chair last year. Trump denied the accusation and said he would be suing the bank.<\/p>\n\n\n\n In response to Saturday\u2019s social media post, JP Morgan said in a statement: \u201cWe agree that no one\u2019s account should ever be closed because of political or religious beliefs.\u201d<\/p>\n\n\n\n \u201cWe appreciate that this administration has moved to address political debanking and we support those efforts,\u201d the statement said.<\/p>\n\n\n\n Dimon, who took home a $43m compensation package<\/a> last year, spoke in defense of Fed chair Jerome Powell<\/a> earlier this month, after it emerged that Trump\u2019s justice department had initiated a criminal investigation<\/a> against him.<\/p>\n\n\n\n After Powell disclosed justice department subpoenas against the Fed over the weekend, Dimon spoke out in his defense. Dimon said he has \u201cenormous respect for Jay Powell, the man\u201d despite disagreement over some of the Fed\u2019s policy choices.<\/p>\n\n\n\n \u201cAnything that chips away at [the Fed\u2019s independence] is not a good idea,\u201d Dimon said, warning that it risked driving up inflation<\/a> and interest rates.<\/p>\n\n\n\n In a swift response, Trump said Dimon was wrong<\/a> and that \u201cit\u2019s fine what I\u2019m doing.\u201d \u201cWe should have lower rates,\u201d Trump said last week. \u201cJamie Dimon probably wants higher rates \u2013 maybe he makes more money that way.\u201d<\/p>\n\n\n\n At the World Economic Forum in Davos this week, Dimon was particularly critical of Trump\u2019s proposal to cap credit-card interest rates at 10% for the first year, calling<\/a> the idea a potential \u201ceconomic disaster\u201d.<\/p>\n\n\n\n He also suggested<\/a> the US had become less reliable under Trump. \u201cIf you said to me, \u2018Has America become unreliable?\u2019 No,\u201d Dimon said at an event. \u201cIt\u2019s just, you had total reliance, and now it\u2019s less reliable.\u201d<\/p>\n\n\n\n Trump is one of several prominent rightwing figures to complain of having been \u201cdebanked\u201d by leading financial institutions due to their political positions.<\/p>\n\n\n\n In the UK, NatWest Group\u2019s chief executive, Dame Alison Rose, stood down in 2023<\/a> after she admitted being the source of an inaccurate BBC story about the reasons Reform UK leader Nigel Farage had been \u201cdebanked\u201d.<\/p>\n\n\n\n Farage threatened legal action against the bank, and later settled<\/a>.<\/p>\n\n\n\n