Trump Sues JPMorgan for $5 Billion Over Account Closures

Donald Trump filed a $5 billion lawsuit against JPMorgan Chase and CEO Jamie Dimon, alleging the bank closed his personal and business accounts in February 2021 for political reasons after he left office. The suit, filed in Miami-Dade County on January 22, 2026, claims JPMorgan provided only 60 days’ notice without explanation, disrupting operations and cutting off access to millions of dollars. Trump asserts that JPMorgan’s actions were motivated by political pressure, stating the bank believed “the political tide at the moment favored doing so.” JPMorgan responded that it regrets the lawsuit but maintains it did not close the accounts due to politics, citing legal and regulatory risks as the basis for its decision. The bank emphasized it does not terminate accounts based on political or religious affiliations. The case marks a significant escalation in tensions between the former president and major financial institutions.