President Donald Trump announced his intention to file a complaint against JPMorgan Chase, accusing the bank of inappropriately cutting off his access to banking services after the January 6, 2021 riot at the Capitol.
What happened
Trump issued this threat in a statement released Saturday on his Truth Social platform, claiming that the bank had 'incorrectly and inappropriately DEBANKED' him and that he intended to take legal action within two weeks.
In this message, Trump also denied the claims of a recent Wall Street Journal article that he offered the position of chairman of the Federal Reserve to JPMorgan CEO Jamie Dimon.
Trump called this article 'totally false' and criticized the Wall Street Journal for not verifying the information with him before publication.
Trump's allegations revive old grievances regarding his relationship with major banks following his departure from the White House in 2021.
In August 2025, he accused JPMorgan and Bank of America of discrimination for refusing his deposits and those of his supporters, claiming that regulators in the Biden administration had pressured financial institutions to sever ties with him and with clients close to him, accusations that the banks had denied at the time.
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What the allegations of 'debanking' cover
Debanking refers to the sudden closure of accounts or refusal to provide financial services, a phenomenon that raises both political controversies and academic analyses.
Critics argue that pressure from regulators may lead banks to sever ties with certain clients to avoid reputational or compliance risks, without providing transparent explanations.
Discussions around 'debanking' have surfaced in public policy and legal analyses, suggesting that government influence may play a role in certain account closures.
JPMorgan claims that it does not close accounts for political reasons. In its past statements, the bank has emphasized that decisions to end client relationships are driven by compliance and risk management considerations rather than ideology.
A broader financial and political context
This dispute occurs against a backdrop of broader political tensions between Trump and financial institutions.
Jamie Dimon of JPMorgan recently warned against political attempts to influence the Federal Reserve and its independence, a topic that has received public support from other Wall Street leaders.
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