WASHINGTON, D.C.: A high-profile legal fight has erupted between the White House and Wall Street, with U.S. President Donald Trump accusing the country's largest bank of shutting him out of the financial system for political reasons.

Trump filed a US$5 billion lawsuit against JPMorgan Chase and its chief executive, Jamie Dimon, alleging that the bank "debanked" him by closing several of his personal and business accounts to advance a political agenda. The suit was filed in the state court in Miami-Dade County, Florida.

According to the complaint, JPMorgan violated its own internal policies by singling out Trump in order to ride what it described as the prevailing "political tide." The lawsuit also names Dimon personally, accusing him of directing actions that harmed Trump and his businesses.

JPMorgan rejected the allegations and said it does not close accounts for political or religious reasons.

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

Trump has previously levelled similar accusations against other lenders, including Bank of America, as he has intensified attacks on what he describes as politically motivated "debanking." He has also stirred opposition from the banking industry by calling for a 10 percent cap on credit card interest rates.

Dimon, who has led JPMorgan for two decades and is one of the most influential executives in corporate America, warned against such a cap while attending the World Economic Forum this week. He said limiting card rates would reduce access to credit and amount to an "economic disaster."

At the same time, banking executives have welcomed the Trump administration's push for deregulation, saying it could reduce red tape, boost profitability, and support economic growth.

In the lawsuit, Trump accused JPMorgan of unilaterally closing his and his hospitality businesses' accounts, in violation of the bank's stated principles. He also alleged that Dimon ordered the creation of a malicious "blacklist" intended to discourage other banks from doing business with Trump, his family, and the Trump Organization.

"Plaintiffs also suffered extensive reputational harm by being forced to reach out to other financial institutions in an effort to move their funds and accounts, making it clear that they had been debanked," Trump said in the filing.

JPMorgan said account closures are driven by legal and regulatory considerations, not politics. "We regret having to do so, but often rules and regulatory expectations lead us to do so," the bank said.

JPMorgan shares ended the session up about 0.5 percent.

Another major lender, Capital One Financial, has sought to dismiss a similar lawsuit filed last March by several Trump plaintiffs, including Trump's son Eric Trump. That case remains pending.

The White House referred requests for comment to Trump's private lawyer, who did not immediately respond.

Banks have faced mounting political scrutiny in recent years, particularly from conservatives who argue lenders have discriminated against specific industries — such as firearms, fossil fuels, and cryptocurrencies — for political reasons. Banks have consistently denied those claims.

During Trump's second term, that pressure has intensified, with the president accusing some lenders of refusing to serve him and other conservatives.

In December, the Office of the Comptroller of the Currency said in a report that the nine largest U.S. banks had restricted services to specific industries as part of what it described as a debanking push. The regulator said it found that, from 2020 to 2023, large banks either refused to serve or imposed heightened scrutiny on sectors including oil and gas, cryptocurrency, tobacco, e-cigarettes, and firearms.

While the OCC did not cite specific violations, it noted that many banks publicly disclosed restrictive policies, often linked to environmental, social, and governance goals. It said it continues to review thousands of debanking complaints.

Last year, JPMorgan said it was cooperating with government inquiries into its policies amid the administration's campaign against alleged debanking. Regulators have also moved to stop supervising banks based on so-called reputational risk, a standard some lenders argued was vague and subjective. The industry has urged updates to anti-money laundering rules that can require banks to close suspicious accounts without providing explanations.