Trump Lawsuit Targets JPMorgan & Jamie Dimon Over ‘Woke’ Banking Policies

President Donald Trump filed a lawsuit Thursday against JPMorgan Chase (JPM) and CEO Jamie Dimon, claiming the bank unlawfully shut down his accounts in 2021 for political reasons.

According to the filing, JPMorgan notified Trump in mid-February roughly six weeks after the January 6 Capitol riots that his accounts would be closed within two months. The lawsuit argues Trump was denied recourse and suffered “considerable financial harm and losses” as a result of the decision.

The lawsuit argues JPMorgan’s decision to sever ties with Trump reflects a broader effort by banks to deny services based on political affiliation, a practice the president says disproportionately impacts conservatives.

According to the filing, JPMorgan’s move was driven by “political and social motivations” and what the suit calls “unsubstantiated, woke beliefs” that the bank needed to distance itself from Trump’s conservative views.

Trump is demanding “at least” $5 billion in damages, costs, and other relief, underscoring the scale of financial harm he claims to have suffered.

JPMorgan Chase rejected claims that it closes accounts based on political or religious affiliation, stating instead that such actions occur only when accounts “create legal or regulatory risk for the company.”

In a statement Thursday, the bank said, “While we regret President Trump has sued us, we believe the suit has no merit.” JPMorgan added that it has long urged both current and past administrations to revise rules and regulations that force banks into difficult positions, and voiced support for efforts to prevent what it called the “weaponization of the banking sector.”

The lawsuit marks the latest chapter in the ongoing tension between Trump and Dimon who has occasionally floated the idea of a presidential run alongside Trump’s broader push against what he calls “debanking” of conservatives. In August, Trump signed an order aimed at penalizing banks and financial institutions that deny services based on political or religious ideology.

At the World Economic Forum last year, Trump singled out JPMorgan and Bank of America (BAC), urging them to “start opening your bank to conservatives” amid complaints that right-leaning customers were being denied access. JPMorgan responded firmly at the time, stating, “We have never and would never close an account for political reasons, full stop.”

Dimon has also taken positions that put him directly at odds with Trump, most recently voicing support for Federal Reserve independence and backing a proposal to cap credit card interest rates stances that further highlight the divide between the two figures.

President Trump’s lawsuit against JPMorgan Chase and CEO Jamie Dimon underscores the growing tension between politics and the financial sector. The case alleges that account closures were politically motivated, while JPMorgan insists decisions are based on legal and regulatory risks. With Trump seeking billions in damages and framing the dispute as part of a broader “debanking” battle, the clash highlights how financial institutions are increasingly caught in the crossfire of political and ideological conflicts.