Remember when JPMorgan got tens of billions in taxpayer bailout money after the 2008 financial crisis?
Trump just filed a $5 billion lawsuit against them for cutting him off right after January 6th because they didn't like his politics.
And it could destroy JPMorgan and Jamie Dimon.
JPMorgan Chase Closed Trump's Bank Accounts 60 Days After January 6
February 19, 2021.
That's the day JPMorgan told Trump his accounts were done – 60 days to move hundreds of millions of dollars somewhere else.
Trump had banked with them for decades, the Trump Organization had moved hundreds of millions through that bank, and his accounts were in perfect standing.
Then January 6th happened, and JPMorgan wanted him gone.
The lawsuit filed Thursday morning in Miami names both the bank and CEO Jamie Dimon personally.
Trump's lawyer quotes JPMorgan's own code of conduct right back at them – the part about operating "with the highest level of integrity and ethical conduct."
The lawsuit says JPMorgan violated those principles when they debanked Trump because "it believed that the political tide at the moment favored doing so."
Jamie Dimon Ghosted Trump After $5 Billion Banking Relationship Ended
Trump reached out to Dimon after getting the termination notice.
Dimon told him he'd look into it and get back to him.
Never did.
Just left a decades-long customer who'd made JPMorgan millions hanging without a callback.
Bank of America pulled the same move – after JPMorgan kicked Trump out, he tried to move his money there and they refused his deposits.
The sitting President of the United States couldn't get a bank account because Wall Street decided his politics were bad for business.
JPMorgan Put Trump On Financial Industry Blacklist For Conservatives
The lawsuit alleges JPMorgan put Trump's name – along with the Trump Organization and Trump family – on a financial industry blacklist accessible by federally regulated banks.
This list is supposedly reserved for people who've committed financial crimes or violated banking regulations.
Trump's accounts were in perfect standing, completely compliant with every banking rule.
JPMorgan put him on the list anyway, which the lawsuit calls "an intentional and malicious falsehood."
Other banks see your name there and refuse to do business with you – exactly what happened when Trump tried to bank elsewhere.
The lawsuit accuses JPMorgan of trade libel and violating Florida's unfair and deceptive trade practices laws.
Trump's demanding a jury trial, and his attorney Alejandro Brito is seeking at least $5 billion in damages on behalf of Trump and several Trump hospitality companies.
Capital One And Bank Of America Debanking Pattern Targets Conservatives
This isn't just Trump.
In March 2021, Capital One notified the Trump Organization they were closing over 300 company accounts and Trump family member accounts – termination effective June.
Chase Bank closed the National Committee for Religious Freedom's account.
PayPal froze Moms for Liberty's funds.
JPMorgan cut ties with Kanye West.
The pattern is unmistakable: express conservative views, support Trump, and your bank doesn't want your business.
Banks claim they close accounts for "risk management" but never explain what specific risk triggered the closure.
In December, the Office of the Comptroller of the Currency released a report confirming nine major banks – including JPMorgan, Bank of America, Citi, and Wells Fargo – "made inappropriate distinctions among customers" by restricting services to clients connected to oil and gas, firearms, and political action committees between 2020 and 2025.
OCC Comptroller Jonathan Gould called it an "inappropriate use of their government-granted charter and market power."
Jamie Dimon Blames Banking Regulations For Political Debanking
JPMorgan's response?
"We believe the suit has no merit – we do close accounts because they create legal or regulatory risk for the company."
Translation: government regulators forced us to debank Trump.
Jamie Dimon testified under oath in February 2025: "We don't debank people because of political or religious affiliations, but the rules and requirements are so onerous."
When asked if banking regulators were primarily to blame, Dimon replied: "Pretty much, yeah."
So JPMorgan's defense is the deep state made them do it – Biden's banking regulators created such hostile conditions that banks had no choice but to cut off conservatives.
That's the lawsuit's point.
Either JPMorgan decided on their own to punish Trump for his politics, or unelected bureaucrats weaponized regulations to force banks to debank conservatives and JPMorgan went along with it instead of fighting back.
Neither option looks good for them.
Trump's lawsuit argues JPMorgan's actions caused "considerable financial and reputational harm" and are "leading a growing trend by financial institutions to cut off a consumer's access to banking services if their political views contradict those of the financial institution."
This case tests whether Americans have the right to access banking regardless of their political beliefs, or whether Wall Street can function as an enforcement arm for Democrats by financially blacklisting anyone who steps out of line.
Sources:
- Brooke Singman, "Trump sues JPMorgan Chase and CEO Jamie Dimon for $5B over alleged 'political' debanking," Fox Business, January 22, 2026.
- "Trump sues Jamie Dimon, JPMorgan Chase over alleged 'political' debanking," CNBC, January 22, 2026.
- "Donald Trump sues JPMorgan CEO for $5billion amid alleged 'politically motivated debanking'," GBN News, January 22, 2026.
- "OCC cites 9 big banks' 'inappropriate' debanking actions," Banking Dive, December 11, 2025.
