President Donald Trump announced Saturday that he will sue investment banking firm JPMorgan Chase “within the next two weeks,” accusing it of “debanking” the company after the Jan. 6, 2021, insurrection at the Capitol.
Trump claimed that the investment bank closed or restricted his accounts after the riot, effectively severing his longstanding relationship with the banking industry. He described the action as politically motivated retaliation, arguing the bank acted under pressure from the Biden administration. Trump is increasingly integrating this into a broader narrative of “debanking” conservatives.
JPMorgan denies closing accounts for political reasons.
During the 2024 campaign, the president nominated JPMorgan Chase CEO Jamie Dimon to be Treasury secretary, but their relationship has since soured. Trump launched an attack on Dimon’s bank and Bank of America in August, accusing them of discriminating against him in recent years.
In early 2025, the Trump Organization sued Capital One, accusing the bank of improperly cutting off the company’s business access. The company was founded by the president’s late father and was helmed by Trump himself before he entered politics after the Capitol attack.
The president also disputed a Wall Street Journal report that he offered Dimon the Fed chairmanship. “The Fake News Wall Street Journal’s front-page article states, without any verification, that I offered the job of Fed Chairman to JPMorgan Chase’s Jamie Dimon. This claim is completely untrue and no such offer was ever made,” Trump wrote in his Truth Society post.
“Why didn’t the Wall Street Journal call me to ask if such a proposal had been made? I would have quickly told them, ‘No,’ and that would be the end of the story,” Trump added in the post. “Why would I give it to Jamie? No such proposal was made there, or even thought of. The Journal should do a better ‘fact-checking’ or its already strained credibility will continue to decline.”
Trump appeared to be referring to a Wall Street Journal report published Wednesday that said Trump offered Dimon the job earlier last year. Dimon thought it was a joke, the Wall Street Journal reported, citing people familiar with the matter.
“Absolutely, absolutely no chance, no way, no idea how, for whatever reason,” Dimon said in an interview with Bloomberg on Thursday when asked if he would take on the role.
Trump has repeatedly lashed out at Dimon, dismissing his warnings that a Justice Department criminal investigation into Federal Reserve Chairman Jerome Powell could threaten the central bank’s independence. The bank CEO said he has “great respect” for Powell. Tensions escalated as JPMorgan publicly opposed Trump’s proposal to cap credit card interest rates, with bank executives warning the move would shrink credit and harm consumers.
“This is 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.