JPMorgan Chase and Bank of America are stepping up to bolster President Donald Trump’s new “Trump Accounts” initiative, announcing plans to match the U.S. government’s $1,000 seed contribution for their U.S. employees’ eligible children. This move underscores growing corporate support for the program aimed at jumpstarting long-term savings for American kids.
The matching pledges for Trump Accounts come amid escalating tensions between the Trump administration, on the one hand, and JPMorgan CEO Jamie Dimon and Bank of America CEO Brian Moynihan, on the other. Trump sued JPMorgan and Dimon for $5 billion on Jan. 22, alleging the bank had closed his personal and business accounts post-Jan. 6, 2021, due to unsubstantiated, “woke beliefs” and political discrimination—a claim JPMorgan flatly denies. Separately, Moynihan was barred from official events at the 2026 World Economic Forum in Davos following clashes with organizers over his public criticisms of administration policies on climate risk and credit card caps. But Trump Accounts have seen some surprising buy-in from philanthropic billionaires, too.
