Trump declares legal war against US largest bank

U.S. President Donald Trump announced Saturday, January 17, that he’s going to sue JPMorgan Chase within the “next two weeks.”

This move escalates a long-running feud with the nation’s largest bank over the closure of his accounts following the January 6, 2021, Capitol riot.

Taking to Truth Social, Trump accused the bank of “incorrectly and inappropriately debanking” him.

Earlier, he claimed that the bank gave him just 20 days to move hundreds of millions of dollars under pressure from the Biden administration.

Countering this narrative, JP Morgan has consistently denied all such accusations.

With this lawsuit, there’s a major deterioration in the U.S. President’s relationship with the bank and its CEO, Jamie Dimon.

During the 2024 campaign, Dimon was floated as a potential Treasury secretary pick, but tensions have since soared.

The president has repeatedly lashed out at Dimon for criticising the Justice Department’s criminal probe into Federal Reserve Chair Jerome Powell and for opposing Trump’s proposal to cap credit-card interest rates.

Trump also denied a Wall Street Journal report that had offered Dimon the position of Fed chair, writing: “This statement is totally untrue; there was never such an offer.”

Bloomberg earlier this week asked Dimon if he would take the role to which Dimon responded: “Absolutely, positively no chance, no way, no how, for any reason.”

The planned suit is similar to one the Trump Organisation filed against Capital One earlier in 2025, alleging improper account restrictions.

The planned suit against JPMorgan follows a similar legal action the Trump Organisation filed against Capital One earlier in 2025, alleging improper account restrictions. The president’s move reinforces his broader narrative that financial institutions have systematically “debanked” him and his supporters for political reasons since he left office.