David Kelly, JP Morgan’s Chief Global Asset Management Strategist, analyzes the Fed’s rate cut and inflation outlook for 2026 on ‘Barron’s Roundtable’.
President Donald Trump said Saturday that he plans to sue JPMorgan Chase, accusing the banking giant of improperly closing its accounts in the wake of the Jan. 6, 2021, Capitol riot.
Trump made the accusation in a lengthy post on Truth Social, where he also denied a report claiming he had offered JPMorgan CEO Jamie Dimon the job of Federal Reserve chairman.
Trump also backtracked on suggestions he had considered appointing Dimon as Treasury Secretary, saying he has already done so Scott Bessent in the role.
TRUMP SAYS LAWSUIT AGAINST BBC WILL BE FILED IMMEDIATELY
President Donald Trump says he plans to sue JPMorgan Chase, accusing the bank of improperly closing his accounts after Jan. 6. File photo. (Tim Clayton/Corbis via Getty Images/Getty Images)
“The problem is that I have Scott Bessent doing a fantastic job, a SUPERSTAR – why should I give it to Jamie? No such offer has been made or even considered,” Trump wrote.
Trump went on to defend those who protested on January 6, writing, “a protest that turned out to be right for those who protested – the election was WRONG!”
Dimon rejected that claim in a statement, telling Fox Business in a statement: “No job offer has been made. I have tremendous respect for Secretary Bessent and think he is doing an excellent job for our country – better than I could have done.”
Violent protests broke out in Washington, DC, as Congress certified the Electoral College votes for President Joe Biden. Some Trump supporters had appealed to the vice president Mike Pence to return the 2020 election results to state lawmakers for further review. Trump’s critics accused him of inciting violence, leading to his impeachment by the House of Representatives. He was later acquitted by the Senate.
Trump also denied a Wall Street Journal report claiming he had offered JPMorgan CEO Jamie Dimon the job of Fed chairman. (Michel Euler/Pool/AFP via Getty Images/Getty Images)
Trump was also banned from several social media platforms after the riot.
Trump has said publicly in interviews that JPMorgan Chase gave him a deadline, reportedly 20 days, to transfer hundreds of millions of dollars and effectively spun off his accounts after January 6. He also said that Bank of America later refused to accept large deposits when he tried to bank elsewhere.
In a statement to Fox Business, JPMorgan Chase spokesperson Trish Wexler said, “Serving more than 80 million Americans is our privilege, and we agree that no one’s account should ever be closed because of political or religious beliefs. We appreciate that this administration has taken steps to address political debanking, and we support these efforts.”
Dimon denied last year that the bank debanks conservatives or customers based on political views.
President Donald Trump accused the banking giant of improperly closing his accounts in the wake of the January 6, 2021 Capitol riot. (Andrew Harnik/Getty Images/Getty Images)
When asked whether banking regulators were primarily responsible for the debanking concerns, Dimon said, “Pretty much so.”
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“We have 70 million customers and we want to serve everyone,” Moynihan said.
When pressed about President Trump’s allegations, Moynihan declined to elaborate, telling Fox Business, “You should talk to him about that, thank you.”
