Trump Criticizes Dimon, Warns of Legal Action Against JPMorgan for Account Closures

Trump Criticizes JPMorgan and CEO Jamie Dimon, Threatens Legal Action

Former President Donald Trump has publicly criticized JPMorgan Chase and its CEO, Jamie Dimon, alleging that the bank unfairly closed his accounts following the events at the U.S. Capitol on January 6, 2021. Trump stated that he intends to file a lawsuit against the financial institution within the next two weeks, accusing them of "debanking" him without justification.

Trump’s remarks came in response to a Wall Street Journal article suggesting he had offered Dimon the position of Federal Reserve Chair, which Dimon reportedly took as a joke. Trump denied ever making such an offer and reiterated his intention to pursue legal action against JPMorgan Chase.

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Trump did not provide further details about his planned lawsuit. JPMorgan Chase did not immediately comment when contacted over the weekend.

Background on the Dispute

In August, Trump accused JPMorgan of severe discrimination, claiming the bank requested he close long-standing accounts. He believes this action was linked to the Capitol riot, where his supporters attempted to block the certification of President Joe Biden’s election victory. JPMorgan has since acknowledged that it is subject to various investigations and legal challenges related to the Trump administration’s opposition to "debanking."

Earlier in the week, Dimon made it clear he has no interest in leading the Federal Reserve. When asked at a U.S. Chamber of Commerce event if he would consider the role, Dimon responded emphatically that he would never accept the position. However, he noted he would be open to a conversation about heading the Treasury Department.

Trump has not yet announced his choice to replace current Fed Chair Jerome Powell, whose term concludes in May. He mentioned on Friday that he has someone in mind but has not disclosed the name.

Ongoing Tensions Between Trump and Dimon

The exchange between Trump and Dimon follows a series of public disagreements, including Trump’s criticism of the Federal Reserve and related Justice Department investigations. Dimon has warned that undermining the Fed’s independence could result in increased inflation and higher interest rates.

Dimon has also previously rejected claims that JPMorgan’s decisions regarding its clients are influenced by political or religious factors. In a December interview with Fox Business, he stated, “We do not debank people’s religious or political affiliations.”

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Reporting contributed by Tony Czuczka.

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