JPMorgan Chase CEO Jamie Dimon has denied suggestions that the bank debanks customers due to their political or religious affiliations, insisting the institution applies the same rules regardless of ideology.
Speaking during an interview on “Sunday Morning Futures,” Dimon said accusations of politically targeted account closures were unfounded and had been wrongly amplified.
Claims Emerge From Trump-Linked Figures
The comments follow claims from Devin Nunes, chairman of the president’s intelligence advisory board and CEO of Trump Media, who alleged that his organization had been debanked by JPMorgan and that more than 400 Trump-associated individuals and groups had records subpoenaed during investigations led by special counsel Jack Smith.
Jack Mallers, CEO of Bitcoin payments firm Strike, also said his personal accounts were abruptly closed last month.
Houston Morgan from ShapeShift shared similar concerns in November, adding to the perception among the Crypto community that banks may be clamping down on the industry.
Dimon Rejects “Made-Up” Stories
Dimon dismissed the accusations as exaggerated or inaccurate.
“People have to grow up here, OK, and stop making up things and stuff like that,” Dimon said..
He also stressed that while accounts are occasionally closed, politics or religion are not factors.
“I can’t talk about an individual account. We do not debank people for religious or political affiliations.
“We do debank them. They have religious or political affiliations. We debank people who are Democrats. We debank people who are Republicans. We have debanked different religious folks. Never was that for that reason.”
Dimon Calls for Rule Changes to Prevent Debanking
Despite defending the bank’s actions, Dimon said he dislikes the current system and has advocated for years to change the rules that force banks to offboard customers.
“I actually applaud the Trump administration, who’s trying to say that debanking is bad and we should change the rules. Well, damn it, I have been asking to change the rules now for 15 years. So change the rules.”
He argued that many closures stem from regulatory pressures tied to risk assessments, negative media, or suspicion-based reporting requirements, rather than political considerations.
“It is really customer unfriendly, and we’re debanking people because of suspected things, or negative media, or all these various things,” he said.
Government Subpoenas Behind Many Bank Decisions
Dimon also noted that banks have no choice but to comply with government subpoenas.
“We don’t give information to the government just because they ask. We’re subpoenaed. We are required by court to give it to the government,” he reported.
He added that this has been consistent across multiple administrations, regardless of party, and that frustrations with banking rules should not be blamed solely on one political side.
Bipartisan Pressure on Banks Continues
Dimon said both Democratic and Republican administrations have confronted banks over reporting issues or account practices.
“Democratic and Republican governments have come after us both; let’s not act like this is just one side doing this. This has been going on for a long time. And we should stop militarizing the government that kind of way.”
His remarks come as political scrutiny intensifies around debanking claims, especially from crypto firms and conservative groups who argue they have been disproportionately targeted.