US President Donald Trump announced on Saturday January 17 that he would sue JPMorgan Chase in the “next two weeks”.
The move escalates a long-running feud with the nation’s largest bank over the closure of its accounts following the Jan. 6, 2021, riot at the Capitol.
Speaking to Truth Social, Trump accused the bank of “improperly and inappropriately debanking” him.
Earlier, he claimed the bank gave him only 20 days to transfer hundreds of millions of dollars under pressure from the Biden administration.
Contrary to this narrative, JP Morgan has consistently denied all of these accusations.
With this trial, we are witnessing a major deterioration in the American president’s relations with the bank and its CEO, Jamie Dimon.
During the 2024 campaign, Dimon was floated as a potential candidate for Treasury secretary, but tensions have since skyrocketed.
The president has repeatedly criticized Dimon for criticizing the Justice Department’s criminal investigation into Federal Reserve Chairman Jerome Powell and for his opposition to Trump’s proposal to cap credit card interest rates.
Trump also denied a Wall Street Journal report that Dimon was offered the job of Fed chairman, writing: “This statement is completely false; there has never been such an offer. »
Bloomberg asked Dimon earlier this week if he would take on the role, to which Dimon responded: “Absolutely, absolutely no chance, no way, no way, for any reason.”
The planned lawsuit is similar to one filed by the Trump Organization against Capital One earlier in 2025, alleging improper account restrictions.
The planned lawsuit against JPMorgan follows a similar lawsuit the Trump Organization filed against Capital One earlier in 2025, alleging improper account restrictions. The president’s decision reinforces his broader narrative that financial institutions have systematically “debanked” him and his supporters for political reasons since he left office.
