Shares of JPMorgan Chase & Co. (NYSE:JPM) and Bank of America Inc. (NYSE:BAC) are trading lower Tuesday after President Donald Trump claimed the two banks discriminated against him by refusing to accept large deposits.
What To Know: In an interview on CNBC's "Squawk Box," Trump alleged that JPMorgan told him he had 20 days to move "hundreds of millions of dollars in cash" out of the bank. He said he then approached Bank of America with plans to deposit more than $1 billion but was told the bank could not open an account for him. Trump said he ended up placing $10 million at a time in smaller banks around the country. He did not specify when the events occurred or whether they involved personal or business accounts.
