Trump Threatens JP Morgan Lawsuit Over Debanking Claim

President Donald Trump said he plans to sue JPMorgan Chase within the next two weeks, alleging the bank improperly debanked him following the January 6, 2021 protest at the US Capitol. 

Trump made the claim in a post on Truth Social on Saturday, accusing the bank of “incorrectly and inappropriately DEBANKING” him. The comments marked a renewed escalation in his long-running dispute with major US banks over their treatment of his accounts.

The post was primarily aimed at rebutting a recent Wall Street Journal report that cited anonymous sources claiming Trump had offered JPMorgan chief executive Jamie Dimon the role of Federal Reserve chair several months ago. 

According to the article, Dimon interpreted the remark as a joke rather than a serious proposal. 

“There was no job offer,” Dimon said in a statement seen by Reuters on Saturday.

Dimon also addressed the report earlier in the week during an appearance at a US Chamber of Commerce event. 

Asked about the idea of leading the Federal Reserve, he dismissed it outright, saying there was “absolutely, positively no chance, no way, no how.” However, he added that he would be open to a conversation if the discussion shifted toward the role of Treasury secretary. 

In a subsequent clarification, Dimon said he held “enormous respect” for Treasury Secretary Scott Bessent and praised his performance, adding that Bessent was doing a better job than he himself could. 

JPMorgan also sought to soften the controversy around the report. Bank spokesperson Trish Wexler told CNBC that she should have pushed back more strongly on the use of the word “offer” in the original reporting. 

“I should have been more vigilant in correcting that word while attempting to dispute the Wall Street Journal’s anonymous sources,” Wexler said.  

Trump, however, focused his criticism squarely on the newspaper. In his Truth Social post, he questioned why the Journal had not contacted him directly to verify the claim. 

“Why wouldn’t The Wall Street Journal call me to ask whether or not such an offer was made?” Trump wrote. “I would have very quickly told them, ‘NO,’ and that would have been the end of the story.” 

He also defended his decision to keep Bessent at the Treasury Department, praising the secretary’s performance and questioning why he would consider replacing him.

 “I have Scott Bessent doing a fantastic job, A SUPERSTAR — Why would I give that post to Jamie?” Trump wrote, adding that the Journal’s credibility would continue to suffer if it did not improve its fact checking.

 Trump’s renewed threat of legal action comes as he prepares to travel to the World Economic Forum in Davos, Switzerland.

 It was at last year’s Davos meeting that he first publicly accused JPMorgan and Bank of America of debanking him, claims both institutions have previously rejected.

 While Trump has repeatedly argued that major banks have unfairly targeted him for political reasons, neither JPMorgan nor federal regulators have confirmed any wrongdoing related to the handling of his accounts.

 It remains unclear on what legal grounds Trump intends to base his lawsuit or whether any filing will ultimately materialize.