Trump sues JPMorgan and CEO Jamie Dimon for $5 billion over alleged debanking

President Trump filed a $5 billion lawsuit against JPMorgan Chase and its chief executive, Jamie Dimon, accusing the bank of “debanking” political conservatives — a development that landed at the World Economic Forum in Davos, Switzerland. In the suit, Mr. Trump alleged that JPMorgan had closed some of his and his family’s businesses’ accounts over “unsubstantiated, ‘woke’ beliefs” in an attempt to sideline him politically and financially; he told reporters, “You’re not allowed to do what they did.” A JPMorgan spokeswoman said the lawsuit had no merit but added, “We respect the president’s right to sue us and our right to defend ourselves — that’s what courts are for.” She also said federal regulations required the closure of some accounts, that politics was not a factor, and that the lender supported efforts to “prevent the weaponization of the banking sector.” The complaint again put corporate America on edge and raised questions about whether efforts by executives to court Mr.

Trump have been effective. The article noted Mr. Trump has taken legal and public aim at other companies as well and has pressed industries including private equity, military contractors and banks — including proposing a credit card rate cap Mr. Dimon called an “economic disaster.” JPMorgan says it will defend itself in court, and the suit has left many executives at Davos off-balance after a week of cautious engagement with the president.

Key Topics

Business, Jpmorgan Chase, Jamie Dimon, Donald Trump, Debanking, World Economic Forum