J.P. Morgan (JPM) is the largest bank in the U.S. (and the world), so investors pay close attention when this megabank loses more than 2% of its value on any given day. J.P. Morgan did just that on Friday, inclusive of its after-hours move.
This decline came as President Donald Trump sued the bank, along with CEO Jamie Dimon, accusing the bank of severing its financial relationship with the previous president following the January 6th insurrection on the U.S. Capitol more than five years ago. The lawsuit was brought about by asserting that J.P. Morgan and Jamie Dimon violated the Unfair and Deceptive Trade Practices Act, with $5 billion in damages sought as a remedy for the “unethical behavior” of the bank, as cited in the complaint.
