Trump takes largest US bank to court over account closures

US President Donald Trump has launched a multibillion-dollar lawsuit against America’s largest bank, JPMorgan, and its CEO Jamie Dimon, accusing the lender of shutting down his accounts for “political and social motivations.”

Trump confirmed the legal action while speaking to reporters aboard Air Force One as he returned to Washington from the World Economic Forum in Davos, saying he is seeking $5 billion in damages, Caliber.Az reports, citing American media.

According to the US president, JPMorgan closed both his personal accounts and those linked to his hotel business for politically motivated reasons, in what he described as “debanking.” The lawsuit, filed in a Florida state court, accuses the bank of deliberately targeting his accounts by adhering to a particular political agenda rooted in "unsubstantiated, 'woke' beliefs," which Trump says caused significant damage to him and his businesses.

“In essence, JPMC debanked plaintiffs' accounts because it believed that the political tide at the moment favoured doing so,” the lawsuit states.

Trump further alleges that the bank played a role in creating a “blacklist” circulated among other financial institutions, warning them against doing business with the Trump Organization and members of the president’s family.

JPMorgan rejected the accusations, saying Trump’s lawsuit has “no merit.” The bank stressed that the account closures were driven not by political or religious considerations, but by legal risks and regulatory obligations.

Trump has repeatedly spoken in recent months about his intention to pursue legal action against the financial giant.

Dimon, for his part, has been outspoken in his criticism of the current US administration. He has commented on the investigation into Federal Reserve Chair Jerome Powell and warned that undermining the Fed’s independence could have negative consequences for the economy.

Speaking in Davos this week, the JPMorgan CEO also criticized the president’s proposal to impose a 10% cap on credit card interest rates, cautioning that it could trigger an “economic disaster.” Such a measure, Dimon argued, would cut off access to credit for up to 80% of Americans.

By Nazrin Sadigova