"But I agree with them. They have the right to be angry. I'd be angry, too. Like, why is a bank allowed to do that? JPMorgan acknowledged for the first time last month it had shut more than 50 accounts linked to Trump in 2021, after the end of his first term. Prior to the move, Trump had been a JPMorgan customer for decades."
"Trump named both Dimon and JPMorgan as defendants in a January lawsuit that accused the bank of cutting business ties with the president for political reasons after his supporters stormed the U.S. Capitol in 2021. Trump, in the suit, claimed 'political discrimination,' and is seeking $5 billion in damages from the bank for allegedly debanking him."
"Contrary to Trump's claims, JPMorgan has maintained it 'does not close accounts for political or religious reasons.' Some of the accounts closed by the bank included those tied to hotels, housing developments, or retail shops, as well as Trump's personal private banking relationship that managed the inheritance he received from his father, Fred Trump."
JPMorgan CEO Jamie Dimon addressed President Trump's $5 billion lawsuit against the bank and himself, stating the case lacks merit. However, Dimon acknowledged understanding Trump's anger regarding the bank's decision to close over 50 accounts linked to Trump in 2021 following the Capitol riot. JPMorgan closed accounts associated with Trump's hotels, housing developments, retail operations, and his personal private banking relationship managing his inherited wealth. While Trump claims political discrimination, JPMorgan maintains it does not close accounts based on political or religious reasons. Trump has filed similar lawsuits against Capital One and federal agencies seeking billions in damages.
Read at Fortune
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