JPMorgan CEO Defends Bank's Decision to Close Trump's Accounts

Dimon says Trump has a right to be angry, but lawsuit has "no merit"

Published on Mar. 2, 2026

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JPMorgan CEO Jamie Dimon acknowledged that President Donald Trump has a right to be upset about the bank closing his accounts, but said the $5 billion lawsuit filed by Trump has "no merit." Dimon explained that banks are sometimes forced to shut down accounts due to "legal and regulatory risk," not for political reasons.

Why it matters

This case highlights the ongoing tensions between banks and conservative politicians over allegations of "debanking" or denying services to those with certain political views. It also raises questions about the extent to which banks can close customer accounts and the legal recourse available to those affected.

The details

In January 2021, JPMorgan confirmed it had closed accounts linked to Trump and some of his businesses, including hotels and housing developments. Trump filed a $5 billion lawsuit against the bank and Dimon himself, alleging the accounts were closed for political reasons in the wake of the January 6 riot at the Capitol. Dimon said banks are sometimes forced to close accounts when customers don't provide necessary information about the source and use of their funds, as the accounts can pose "legal and regulatory risk."

  • In February 2021, JPMorgan closed accounts linked to Trump and some of his businesses.
  • In January 2026, Trump filed a $5 billion lawsuit against JPMorgan and Dimon.

The players

Jamie Dimon

The CEO of JPMorgan Chase, one of the largest banks in the United States.

Donald Trump

The former President of the United States who filed a $5 billion lawsuit against JPMorgan Chase for closing his accounts.

JPMorgan Chase

A major American multinational investment bank and financial services company.

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What they’re saying

“I agree with them. They have the right to be angry. I'd be angry, too.”

— Jamie Dimon, CEO, JPMorgan Chase (CNBC)

“Why is a bank allowed to do that? But they're forced to do it.”

— Jamie Dimon, CEO, JPMorgan Chase (CNBC)

What’s next

The lawsuit filed by Trump against JPMorgan Chase and Dimon is expected to wind through the courts for several years.

The takeaway

This case highlights the ongoing tensions between banks and conservative politicians over allegations of "debanking" and the legal complexities involved when banks choose to close customer accounts due to regulatory concerns, even if the customers feel the decision was politically motivated.