‘I’ll be suing...’: Trump threatens lawsuit against JP Morgan, revives ‘debanking’ claims
Trump tied the legal threat to his criticism of a recent Wall Street Journal report which said he had offered Dimon the position of chair of the US Federal Reserve. Trump dismissed the report as inaccurate, insisting no such offer was ever made.
- Jan 18, 2026,
- Updated Jan 18, 2026 1:59 PM IST
President Donald Trump has escalated his long-running feud with Wall Street, threatening to sue JPMorgan Chase & Co. and its chief executive Jamie Dimon over claims that the banking giant improperly cut off his access to financial services following the January 6, 2021, Capitol riot. The latest salvo also folds into a broader public dispute involving the US Federal Reserve, its independence, and speculation over future leadership at the central bank.
In a post on Truth Social, Trump said he plans to file a lawsuit against JPMorgan Chase “over the next two weeks,” accusing the bank of “incorrectly and inappropriately DEBANKING” him after January 6. Reiterating his false claim that the 2020 presidential election was rigged, Trump described the Capitol riot as a protest that “turned out to be correct for those doing the protesting,” again offering no evidence to support either assertion.
Trump tied the legal threat to his criticism of a recent Wall Street Journal report which said he had offered Dimon the position of chair of the US Federal Reserve. Trump dismissed the report as inaccurate, insisting no such offer was ever made. “There was no job offer,” Dimon later confirmed, adding that he believed current economic leadership was handling matters “better than I could have.”
The former and current president has repeatedly alleged that major US banks, including JPMorgan Chase and Bank of America, refused to accept his deposits or otherwise restricted his banking relationships in the aftermath of the January 6 attack. Both institutions have firmly rejected the accusations, and Trump has not produced evidence to substantiate his claims.
In a statement, JPMorgan Chase spokesperson Trish Wexler sought to strike a conciliatory tone while pushing back against the allegations. “Serving more than 80 million Americans is our privilege, and we agree that no one’s account should ever be closed because of political or religious beliefs,” she said. Wexler added that the bank appreciated recent efforts by the administration to address concerns around “political debanking” and said JPMorgan supports those initiatives.
The clash comes amid a wider and increasingly public dispute between Trump and senior figures in US economic policymaking. Last week, Dimon warned that Trump’s attacks on Federal Reserve Chair Jerome Powell risk undermining the independence of the central bank — a cornerstone of US monetary credibility — and could ultimately backfire by pushing up interest rates and inflation.
Trump has dismissed those concerns. Responding to questions about his criticism of Powell, he said, “I think it’s fine what I’m doing. And we have a bad Fed person.” The president has yet to announce whom he intends to nominate to succeed Powell, whose term as chair ends in May, saying only that he has a candidate in mind.
Dimon, for his part, has gone out of his way to rule himself out of the role. Speaking at a US Chamber of Commerce event, he said that becoming Fed chair was an impossibility. “Chairman of the Fed, I’d put in the absolutely, positively no chance, no way, no how, for any reason,” he said. Asked about the Treasury Department, however, Dimon left the door slightly ajar: “I would take the call.”
In an emailed follow-up, Dimon reiterated that there had been no job offers from Trump and praised current Treasury Secretary Scott Bessent. “I have enormous respect for Secretary Bessent and think he’s doing an excellent job for our country — better than I could have,” he said.
The public back-and-forth has intensified in recent days as Trump’s allies have ramped up pressure on the Federal Reserve, including through Justice Department criminal subpoenas linked to the renovation of the Fed’s headquarters. Dimon warned earlier this week that “chipping away” at the central bank’s independence is “not a great idea” and could have lasting economic consequences.
President Donald Trump has escalated his long-running feud with Wall Street, threatening to sue JPMorgan Chase & Co. and its chief executive Jamie Dimon over claims that the banking giant improperly cut off his access to financial services following the January 6, 2021, Capitol riot. The latest salvo also folds into a broader public dispute involving the US Federal Reserve, its independence, and speculation over future leadership at the central bank.
In a post on Truth Social, Trump said he plans to file a lawsuit against JPMorgan Chase “over the next two weeks,” accusing the bank of “incorrectly and inappropriately DEBANKING” him after January 6. Reiterating his false claim that the 2020 presidential election was rigged, Trump described the Capitol riot as a protest that “turned out to be correct for those doing the protesting,” again offering no evidence to support either assertion.
Trump tied the legal threat to his criticism of a recent Wall Street Journal report which said he had offered Dimon the position of chair of the US Federal Reserve. Trump dismissed the report as inaccurate, insisting no such offer was ever made. “There was no job offer,” Dimon later confirmed, adding that he believed current economic leadership was handling matters “better than I could have.”
The former and current president has repeatedly alleged that major US banks, including JPMorgan Chase and Bank of America, refused to accept his deposits or otherwise restricted his banking relationships in the aftermath of the January 6 attack. Both institutions have firmly rejected the accusations, and Trump has not produced evidence to substantiate his claims.
In a statement, JPMorgan Chase spokesperson Trish Wexler sought to strike a conciliatory tone while pushing back against the allegations. “Serving more than 80 million Americans is our privilege, and we agree that no one’s account should ever be closed because of political or religious beliefs,” she said. Wexler added that the bank appreciated recent efforts by the administration to address concerns around “political debanking” and said JPMorgan supports those initiatives.
The clash comes amid a wider and increasingly public dispute between Trump and senior figures in US economic policymaking. Last week, Dimon warned that Trump’s attacks on Federal Reserve Chair Jerome Powell risk undermining the independence of the central bank — a cornerstone of US monetary credibility — and could ultimately backfire by pushing up interest rates and inflation.
Trump has dismissed those concerns. Responding to questions about his criticism of Powell, he said, “I think it’s fine what I’m doing. And we have a bad Fed person.” The president has yet to announce whom he intends to nominate to succeed Powell, whose term as chair ends in May, saying only that he has a candidate in mind.
Dimon, for his part, has gone out of his way to rule himself out of the role. Speaking at a US Chamber of Commerce event, he said that becoming Fed chair was an impossibility. “Chairman of the Fed, I’d put in the absolutely, positively no chance, no way, no how, for any reason,” he said. Asked about the Treasury Department, however, Dimon left the door slightly ajar: “I would take the call.”
In an emailed follow-up, Dimon reiterated that there had been no job offers from Trump and praised current Treasury Secretary Scott Bessent. “I have enormous respect for Secretary Bessent and think he’s doing an excellent job for our country — better than I could have,” he said.
The public back-and-forth has intensified in recent days as Trump’s allies have ramped up pressure on the Federal Reserve, including through Justice Department criminal subpoenas linked to the renovation of the Fed’s headquarters. Dimon warned earlier this week that “chipping away” at the central bank’s independence is “not a great idea” and could have lasting economic consequences.