JPMorgan pares morning gains after Trump files lawsuit on allegations of debanking

Shares of JPMorgan Chase JPM.N pared gains made earlier in the day to trade up 1.1% at $305.51

U.S. President Donald Trump filed a lawsuit against JPM.N on allegations of debanking, bank says in statement

The President's attorney Alejandro Brito filed the $5 billion lawsuit Thursday morning in Florida state court in Miami on behalf of the president and several of his hospitality companies, a Fox Business report says

"Despite claiming to hold these principles dear, JPMC violated them by unilaterally - and without warning or remedy - terminating several of Plaintiff's bank accounts," lawsuit claims, as per report

"While we regret President Trump has sued us, we believe the suit has no merit. We respect the President's right to sue us and our right to defend ourselves," JPMorgan said in a statement

"JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so", JPM

JPM's shares gained a little over 34% in 2025