President Donald Trump announced Saturday that he will be suing investment banking company JPMorgan Chase within “the next two weeks” for allegedly “DEBANKING” him after the January 6, 2021 Capitol insurrection.
Trump claimed the investment bank closed or restricted his accounts after the riot, effectively cutting him off from longstanding banking relationships. He framed the action as politically motivated retaliation, arguing that the banks acted under pressure from the Biden administration. Trump has increasingly folded this into a broader narrative of “debanking” conservatives.
JPMorgan denied closing the accounts for political reasons.
During the 2024 campaign, the CEO of JPMorgan, Jamie Dimon, was presented as Treasury secretary by the president, but their relationship has since declined. Trump in August went after Dimon’s bank, as well as Bank of America, accusing them of discriminating against him in recent years.
Earlier in 2025, the Trump Organization sued Capital One, accusing the bank of improperly cutting off access to the business, which was founded by the president’s late father and was run by Trump himself before entering politics, after the Capitol attack.
The president also took issue with a Wall Street Journal story, which reported that he offered the position of Federal Reserve chairman to Dimon. “A front article in The Fake News Wall Street Journal states, without any verification, that I offered Jamie Dimon, of JPMorgan Chase, the job of Fed Chairman. This statement is totally untrue, there has never been such an offer,” Trump wrote in his Truth Social post.
“Why wouldn’t the Wall Street Journal call me to ask if such an offer was made or not? I would have told them very quickly, ‘NO’, and that would have been the end of the story,” Trump added in the post. “Why should I give it to Jamie? No such offer was made out there, or even thought of. The Wall Street Journal should do better ‘fact checking,’ or its already bolstered credibility will continue to DIVE.”
Trump appeared to be pointing to a story from the Journal published Wednesday, which reported that Trump offered the role to Dimon earlier last year. Dimon took that as a joke, according to the Journal, which cited people briefed on the discussion.
Dimon, asked in an interview with Bloomberg published Thursday if he would take the role, said: “Absolutely, positively no chance, no way, no way, for any reason.”
Trump has repeatedly attacked Dimon, dismissing his warnings that the Justice Department’s criminal probe into Fed President Jerome Powell, for whom the bank’s CEO said he has “tremendous respect,” could threaten the central bank’s independence. Tensions continued to escalate as JPMorgan publicly opposed Trump’s proposal to cap credit card interest rates, with bank executives warning that the move would reduce credit and hurt consumers.
“It would be very bad for consumers, very bad for the economy,” JPMorgan Chief Financial Officer Jeremy Barnum told reporters on the bank’s earnings call last Tuesday.