President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, accusing the bank of closing accounts belonging to him and his companies purely because of politics.
The suit claims the nation’s largest lender, along with Dimon personally, orchestrated a “blacklist” to scare other banks away from doing business with the Trump family—allegations that JPMorgan firmly denies, insisting accounts aren’t shut for political or belief-based reasons.
Wall Street, already riding high on promises of deregulation and billions in freed-up capital, now finds itself in the awkward spot of being both beneficiary and punching bag. Bank stocks barely blinked—JPMorgan even ticked up slightly—but the mood among executives has shifted from optimistic golf claps to nervous side-eye glances.
One moment they’re toasting lighter supervision and merger approvals; the next, they’re dodging lawsuits from the very administration handing them those wins. It’s like getting a tax cut while someone keys your new yacht.
The lawsuit landed Thursday like an unexpected audit notice at a charity gala. Trump alleges the closures date back years, tied to political motivations after events like the January 6 Capitol riot. He claims Dimon didn’t just close doors—he supposedly warned other institutions to keep them shut too.
JPMorgan responded with the financial equivalent of a polite eye-roll: the suit has “no merit,” and the bank doesn’t discriminate on politics or religion.
This isn’t Trump’s first rodeo with big banks. He’s previously called out Bank of America over similar issues and grumbled about Goldman Sachs. Yet here he is, suing the same industry his regulators are poised to shower with relief—potentially $200 billion in loosened capital rules.
Executives recently gathered in JPMorgan’s shiny new skyscraper, feeling hopeful about a “rational approach” to oversight. Now they’re recalculating lobbying budgets, which jumped nearly 40% late last year as banks scrambled to cozy up to Washington.
The irony isn’t lost on anyone paying attention. Banks bulked up their advocacy teams, launched splashy nonprofits for “commonsense” growth, and hired White House-adjacent lobbyists—all while navigating an administration that swings between friend and foe faster than a day trader on espresso.
One analyst noted the constant unpredictability is wearing everyone down. Another suggested banks will think twice before touching anything that smells remotely controversial.
Trump has made clear he doesn’t harbor much affection for the big-bank crowd. Dimon, for his part, has critiqued pieces of the administration’s agenda—like credit card rate caps—without fully burning bridges. The lawsuit adds another layer to this uneasy dance: deregulation goodies on one hand, courtroom drama on the other.
Investors seem unfazed so far, with bank shares holding steady. But the broader message is unmistakable: in this policy environment, even the winners can end up defendants.
Leave a Reply