Trump Sues JPMorgan Chase for $5B Over Account Closures
Is Trump's lawsuit a necessary response to political debanking or a meritless legal action?
Above: The JPMorgan Chase & Co. global headquarters building in New York, U.S., on Jan. 20. Image credit: Michael Nagle/Bloomberg/Getty Images
The Spin
Pro-Trump narrative
All the evidence clearly shows that JPMorgan Chase — without valid cause and in violation of its own principles — debanked the president for political and social reasons. This action not only had severe consequences for Trump's finances but also exposed the coercive practices within the industry, which is why JPMorgan should face repercussions to eliminate such practices.
Anti-Trump narrative
This lawsuit has no merit whatsoever. Contrary to the president's claims, JPMorgan does not "debank" individuals for political or religious reasons, but rather does so when required by its legal and regulatory obligations. If anything, the bank has consistently been an advocate for change to prevent the weaponization of the banking sector.
