U.S. President Donald Trump has claimed that some of America’s largest financial institutions, including JPMorgan Chase and Bank of America, denied him service after his presidency despite what he described as having “hundreds of millions” in cash reserves.
In an interview with CNBC on Tuesday, Trump cited his personal experience as proof that banks discriminate, particularly against conservatives and his supporters. His remarks followed a Wall Street Journal report revealing a draft executive order that would direct financial regulators to investigate whether banks have violated anti-discrimination and antitrust laws.
“They told me, ‘I’m sorry sir, we can’t have you. You have 20 days to get out,’” Trump recalled, referring to his abrupt separation from JPMorgan Chase after four decades. “I had many accounts loaded up with cash.”
Trump said Bank of America also refused to open accounts for him after his presidency, despite previous close ties with CEO Brian Moynihan. “He was kissing my a$$ when I was president,” Trump claimed, saying Moynihan later declined to let him deposit over a billion dollars.
As a result, Trump said he turned to smaller regional banks, splitting his deposits in multiple $10 million increments. “They were doing me a favor,” he added, blaming large financial institutions for “very bad” discrimination despite his contributions to the economy.
Trump did not provide evidence for the alleged bias but claimed that under the Biden administration, regulators were encouraged to “destroy Trump.” He emphasized that the discrimination wasn’t just political, it was specifically aimed at Trump supporters. “I think the word might be ‘Trump supporters’ more than ‘conservatives,’” he said.
The draft executive order, according to The Wall Street Journal, is expected to be signed as early as this week. While it does not explicitly name any bank, it references actions similar to those reportedly taken by Bank of America.
If enacted, the order would empower bank regulators to fine or sanction institutions found in violation of the Equal Credit Opportunity Act, consumer protection laws, or antitrust rules. The move could significantly escalate the political and regulatory tension between Trump’s camp and Wall Street giants, particularly as Trump mounts his 2024 comeback campaign.
Both JPMorgan and Bank of America had previously denied claims of political discrimination following similar allegations Trump made during a speech at the World Economic Forum in Davos.
