"I'd Be Angry, Too": Jamie Dimon Says Trump Debanking Suit Has No Merit, Then Rails Debanking Practices
JPMorgan Chase CEO Jamie Dimon said Monday that Donald Trump’s $5 billion lawsuit over the closure of his accounts “has no merit,” but added, “They have the right to be angry. I’d be angry, too.”
Trump claims JPMorgan and other banks shut his accounts for political reasons, according to CNBC. Dimon said banks are often “forced” to debank clients due to legal and regulatory pressures tied to reputational risk. “We debank people because it causes legal, regulatory risk for us,” he said, noting it’s easier for banks to avoid that risk.
Trump sued JPMorgan and Dimon in January, part of a broader legal campaign that also includes claims against Capital One, media outlets, and the IRS. JPMorgan has acknowledged closing dozens of Trump-related accounts after the Jan. 6, 2021, Capitol attack.
“But I agree with them,” Dimon said during an interview in Miami. “Like, why is a bank allowed to do that?”
CNBC writes that though no single law mandates dropping clients over reputational concerns, regulations make serving certain customers risky. The case puts Dimon in a delicate spot as banks begin benefiting from deregulation under Trump appointees.
“There are a lot of misunderstandings here,” Dimon said. “Hopefully the law will change, and hopefully it’ll get sorted out.”
Recall, President Donald Trump filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon, claiming the banking giant debanked him for political reasons.
The lawsuit was filed in January in a Miami state court by his attorney, Alejandro Brito, on behalf of Trump and several of his hospitality companies.
The complaint cites JPMorgan's code of conduct, which reads: "We set high expectations and hold ourselves accountable. We do the right thing—not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior."
According to Brito, "Despite claiming to hold these principles dear, JPMC violated them by unilaterally—and without warning or remedy—terminating several of Plaintiff’s bank accounts."
Trump and his companies have "transacted hundreds of millions of dollars" through the bank, the lawsuit reads, adding that Feb. 19, 2021 was the day that "forever altered the dynamic of the parties’ relationship," when the bank allegedly "without warning or provocation," notified Trump and his companies that several of their bank accounts or were beneficiaries of, "would be closed just two months later, on April 19, 2021."
"JPMC did not provide plaintiffs with any recourse, remedy, or alternative—its decision was final and unequivocal," reads the suit.