President Trump on Thursday sued JPMorgan Chase and its CEO Jamie Dimon, the latest jab in the president's hot-and-cold relationship with the largest bank in the U.S. and the man who runs it.
The big picture: Trump has maintained a relatively cordial relationship with Dimon during his second administration, but the lawsuit escalates the president's ongoing war with banks, which he has claimed, without evidence, have discriminated against conservatives.
Driving the news: Trump sued JPMorgan and Dimon for up to $5 billion, alleging the bank improperly cut him off from financial services.
- Trump's suit, filed Thursday, claimed that JPMorgan's "woke beliefs" led the company to distance itself from Trump and his "conservative political views," — an allegation Trump has maintained since the bank closed his accounts following the Jan. 6 Capitol riot.
The other side: JPMorgan Chase told Axios it believes Trump's suit has "no merit," and that it will fight the allegations in court.
- "JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company."
Here's what to know about Trump's relationship with JPMorgan:
Trump alleges JPMorgan Chase discriminates against conservatives
Trump this weekend signaled the suit was coming.
- "I'll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest, a protest that turned out to be correct for those doing the protesting," Trump said in a social media post. "The Election was RIGGED!"
Zoom in: The lawsuit claimed that the bank, under Dimon, put Trump and his businesses on a "blacklist" that banks use to identify "individuals and entities that have a history of malfeasant acts."
- The lawsuit didn't give any evidence or cite sources for an alleged blacklist.
What they're saying: A JPMorgan spokesperson said on Thursday that "We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position."
- "We support the Administration's efforts to prevent the weaponization of the banking sector."
Catch up quick: Trump in August signed an executive order moving to punish banks if they are believed to be discriminating against political conservatives.
- Trump on CNBC said of JPMorgan: "I had many, many accounts loaded up with cash. I was loaded up with cash. And they told me, 'I'm sorry, sir, we can't have you. You have 20 days to get out.' I said, 'You got to be kidding. I've been with you for 35, 40 years.'"
- He also alleged that Bank of America refused to take his deposits following his first term in office.
JPMorgan also said then that it does not close accounts for political reasons, while Bank of America said it doesn't comment on client matters.
Flashback: JPMorgan in 2021 said it would not donate to Republicans who contested the 2020 election.
- 147 congressional Republicans had objected to state election results over baseless claims of widespread election fraud that Trump fueled.
- Dimon in 2022 said that Trump's denial that he lost the election was "treason."
Trump, Dimon fight over policies
Dimon has openly opposed Trump's war with Federal Reserve chair Jerome Powell over interest rate policy, which has included an unprecedented attempted criminal prosecution.
- "Anything that chips away at [the Fed's independence] is not a good idea. And in my view, will have the reverse consequences," Dimon told reporters this month after the Justice Department launched a criminal investigation into Powell.
- "It'll increase inflation expectations and probably increase rates over time."
The Wall Street Journal last week reported that Trump offered Dimon the job of Fed chair just a few months ago, which the president denied in the Truth Social post announcing his lawsuit against JPMorgan.
- JPMorgan later told CNBC the "offer" was a miscommunication.
Despite criticisms of Trump's policies, Dimon has met with the president several times in recent months to discuss economic policy, per The Journal.
- Those criticisms include Dimon blasting Trump's proposal to cap credit card interest rates this week, saying it would be an "economic disaster."
- Dimon also said in April that Trump's trade war would fuel inflation and slow growth, although he has since tempered his stance, saying the tariffs have been "greatly moderated" and are being "more carefully done."
Context: Trump and Dimon's comments in the past year have generally been more civil than during Trump's first term.
- Dimon in 2018, for instance, said, "I think I could beat Trump" in an election.
- "This wealthy New Yorker actually earned his money, it wasn't a gift from Daddy," he said, although he later backtracked.
- Trump in response said that Dimon doesn't have the "smarts" to be president, adding that he's a "nervous mess."
Epstein accusations
Trump in November directed the Justice Department to investigate Jeffrey Epstein's connections to JPMorgan.
- Trump cited several people and institutions that have come under scrutiny for their association with the convicted sex offender.
JPMorgan has settled several cases related to Epstein.
- The bank in 2023 settled one with the U.S. Virgin Islands over allegations the bank assisted and benefited from Epstein's alleged sex trafficking.
- The bank that year also settled a case with one of its former executives and a class-action suit brought by Epstein survivors.
- "The government had damning information about his crimes and failed to share it with us or other banks," Trish Wexler, a spokesperson for JPMorgan, told Axios at the time, saying the bank "did not help [Epstein] commit his heinous acts."
Between the lines: Trump's handling of the Epstein files has been unpopular with Americans and has generated uncommon scrutiny from fellow Republicans.
- Trump's own relationship with Epstein has come under the microscope over the past few months.
- Trump drew attention to JPMorgan and others after House Democrats released emails detailing the president's own links to Epstein.
