Trump Signals Lawsuit Against JPMorgan, Says Bank Cut Ties After Jan. 6 Capitol Riot

Former President Donald Trump said he intends to bring legal action against JPMorgan Chase, claiming the nation’s largest bank closed or restricted his accounts in the aftermath of the Jan. 6, 2021, attack on the U.S. Capitol. In a post on his Truth Social platform Saturday, Trump accused the bank of “incorrectly and inappropriately debanking” him and stated that a lawsuit will be filed within two weeks.

The threat marks the latest confrontation between Trump and major financial institutions. He contends that JPMorgan’s alleged action followed the rally in Washington that preceded the Capitol breach, a protest he again described as justified. The former president also repeated his unsubstantiated assertion that the 2020 presidential election was “rigged.”

JPMorgan Chase has not commented on the accusation, and the White House also declined to respond to inquiries. The bank has previously said it does not close customer accounts for political reasons.

Trump’s statement references an executive order he signed in August requiring U.S. banks to ensure they do not deny services based on a customer’s political or religious beliefs. The order aimed to curb a practice critics label “debanking.” Financial institutions must certify compliance with the directive, though how regulators will enforce it remains unclear.

In an August interview with CNBC, Trump alleged without providing documentation that both JPMorgan Chase and Bank of America refused to accept his deposits after his first term in office. Bank of America declined to discuss client matters at the time but said it would welcome clearer regulatory guidance. JPMorgan reiterated its policy of not shuttering accounts for political considerations.

The Trump family has previously complained of difficulties obtaining services from large banks. In June of last year, Donald Trump Jr. told CNBC that such challenges prompted the family to embrace digital assets. According to Trump Jr., the move into cryptocurrency was driven by necessity rather than enthusiasm for the technology.

Shares of JPMorgan Chase have fallen roughly 5 percent over the past week, despite the company reporting quarterly earnings and revenue that exceeded Wall Street expectations on Tuesday. Financial stocks weakened after Trump demanded that credit card interest rates be capped at 10 percent and gave lenders until Jan. 20 to comply, adding uncertainty to the sector.

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The threatened lawsuit arrives amid separate speculation about Trump’s relationship with JPMorgan Chief Executive Jamie Dimon. On Wednesday, The Wall Street Journal reported that Trump had informally offered Dimon the position of Federal Reserve chair during a West Wing meeting several months ago, a suggestion the CEO allegedly treated as a joke. Trump rejected the story in the same Truth Social post announcing his legal plans, saying no such offer was made and questioning why the newspaper did not seek his comment before publication.

The Journal has not responded publicly to Trump’s denial, and JPMorgan has not addressed the reported conversation. Current Federal Reserve Chair Jerome Powell, whose biography is posted on the Federal Reserve’s official website, is serving a term that expires on May 15.

Trump’s pledge to sue highlights a broader debate over whether financial firms can—or should—limit services to politically controversial customers. The executive order on debanking directs agencies to draft enforcement guidelines, but those rules have yet to be finalized. Until clearer standards emerge, any court challenge by the former president could become an early test of how far banks may go in assessing reputational or regulatory risk when deciding whom to serve.

Crédito da imagem: Jonathan Alcorn | Reuters