Trump has sued JPMorgan Chase and its CEO Jamie Dimon for $5 billion, accusing them of shutting down his personal and business accounts because of his political views.
The lawsuit, filed on Thursday, claims the bank targeted him and his companies intentionally. This legal attack comes straight from the top. Trump, who returned to the White House in 2025, is now going directly after the same financial giants that were once seen as winners under his deregulation plans.
This isn’t his first complaint. Trump has warned for years that major banks are cutting off conservatives. He’s finally doing something about it. His lawyers argue this is political targeting.
The bank says that’s not true. In a statement, JPMorgan said, “We believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves. JPMC does not close accounts for political or religious reasons.”
Trump hits JPMorgan, Capital One, Bank of America, Goldman Sachs
The fight isn’t just with one bank. Trump’s company is also suing Capital One, claiming the bank closed its accounts for political reasons. On top of that, he went after Bank of America’s Brian Moynihan, saying they refused to give him an account. He even blasted Goldman Sachs CEO David Solomon last year for the bank’s view on tariffs.
Back in 2018, Jamie Dimon told a panel he “could beat Trump” in an election because he was “as tough” and “smarter.” He took it back almost immediately. Trump didn’t let it slide. He called Dimon “a poor public speaker and a nervous mess” online. The tension has never really faded. These days, Dimon chooses his words carefully.
In Davos, he said he agreed with some of Trump’s policies, disagreed with others, and stayed quiet when asked why CEOs don’t challenge the president more.
But that didn’t stop him from criticizing Trump’s idea to cap credit card interest rates at 10%. On a call, he said it would hit subprime borrowers “dramatically.” He also warned against launching a criminal probe into Jerome Powell, calling it “not a good idea.” Trump fired back at Dimon. “Jamie Dimon probably wants higher rates. Maybe he makes more money that way,” he told reporters on January 15.
Kush Desai, a White House spokesman, defended the administration’s direction. “The Trump administration is delivering by shoring up financial markets and cutting unnecessary red tape to accelerate growth,” he said.
Banks increase lobbying while waiting for $200B capital boost
Even with lawsuits coming at them, the biggest banks still expect big wins. Federal regulators under Trump are preparing to release up to $200 billion in capital relief.
That means more room to lend, invest, and approve big mergers. The banks are also happy that regulators are loosening up supervision rules.
But behind the scenes, these banks are spending big to protect their turf. In the fourth quarter of 2025, the top eight lenders dropped nearly $12 million on lobbying, a 40% increase from the same time in 2024. They’re sending teams to Congress, the White House, and every major agency that touches banking rules. They want influence over everything from swipe fees to crypto regulation.
They’ve also backed a new group called the American Growth Alliance, set up in December by the Financial Services Forum. The group plans to spend tens of millions pushing for what they call “commonsense” growth policies.
Still, the industry feels under pressure. Todd Baker, a fellow at Columbia University, said, “The industry is losing as many battles as it wins on big issues, and the constant pressure and random nature of developments is taking its toll.”
Nicholas Anthony, from the Cato Institute, added, “Banks probably will be more cautious moving forward after seeing this reaction, seeing that they’re no longer just under threat of regulatory retaliation but also lawsuits.”
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