US President Donald Trump announced on Saturday, January 17 that he will sue JPMorgan Chase within the “next two weeks”.
The move escalates a long-running feud with the nation’s largest bank over the closure of his accounts following the Capitol riot on January 6, 2021.
Speaking to Truth Social, Trump accused the bank of “improperly and inappropriately terminating” him.
He previously claimed that the bank only gave him 20 days to move hundreds of millions of dollars under pressure from the Biden administration.
Contrary to this narrative, JP Morgan has consistently denied all such allegations.
With this lawsuit, there is a significant deterioration of the US president’s relationship with the bank and its CEO, Jamie Dimon.
During the 2024 campaign, Dimon was floated as a potential Treasury pick, but tensions have since risen.
The president has repeatedly lashed out at Dimon for criticizing the Justice Department’s criminal investigation into Federal Reserve Chairman Jerome Powell and for opposing Trump’s proposal to cap credit card interest rates.
Trump also dismissed a Wall Street Journal report that Dimon had been offered the position of Fed chairman, writing: “This statement is completely false; there has never been such an offer.”
Bloomberg asked Dimon earlier this week if he would take the role, to which Dimon replied, “Absolutely, positively no chance, no way, no how, for whatever reason.”
The planned suit is similar to one the Trump Organization filed against Capital One earlier in 2025, alleging improper account restrictions.
The planned lawsuit against JPMorgan follows a similar lawsuit the Trump Organization filed against Capital One earlier in 2025 alleging improper account restrictions. The president’s move reinforces his broader narrative that financial institutions have systematically “bankrolled” him and his supporters for political reasons since he left office.
