Trump named Dimon and JPMorgan as defendants in a January case which accused the bank of cutting business ties with the president for political reasons after his supporters stormed the US Capitol in 2021. Trump, in the lawsuit, claimed “political discrimination,” and sought $5 billion in damages from the bank for He was allegedly debanked.

When asked about Trump’s lawsuit Monday, Dimon said the lawsuit “has no merit,” though he said he understands Trump’s anger.

“But I agree with them,” Dimon said CNBC. “They have a right to be angry. I’m angry too. Like, why is a bank allowed to do that?”

JPMorgan RECOGNIZED for the first time last month it closed more than 50 accounts linked to Trump in 2021, after his first term. Before the move, Trump was a JPMorgan customer for decades, according to the lawsuit. Some of the accounts closed by the bank include those tied to hotels, housing developments, or retail stores, as well as personal ties to Trump’s private bank that manages the inheritance he received from his father, Fred Trump, the New York Times reported.

Contrary to Trump’s claims, JPMorgan has maintained it “does not close accounts for political or religious reasons.”

JPMorgan and the White House did not immediately respond Fortune’s request for comment.

Trump has filed several lawsuits since his return to office in January 2025. He filed a similar lawsuit against Capital One in March 2025, accusing the bank of “unreasonably terminating” more than 300 of his bank accounts. He has too sued the Internal Revenue Service and the Treasury Department in the amount of $10 billion due to the alleged failure to prevent the leakage of his tax returns during his first term. While he has not yet filed a lawsuit, Trump has also filed a complaint Bank of America refused to accept billions of dollars in deposits after the January 6 riots.

Banks like JPMorgan operate under a regulatory framework that gives auditors the authority to punish lenders. “Reputational risk,” believing that dealing with controversial clients could threaten the bank’s financial stability. In essence, regulators can ding banks during routine examinations for maintaining relationships with clients deemed politically or socially toxic.

Dimon explained on Monday that because of this, the bank will close accounts if they pose a legal or regulatory risk. He says he doesn’t like debanking, though.

“You don’t make a lot of money in bank accounts, so it’s easier for the banks to say, ‘I’m not taking the risk, let them bank somewhere else,'” he said.

However, the Trump administration is pushing to remove reputational risk as a consideration from federal bank examinations, as regulators seek to codify the transition. The administration supports a proposed rule from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) that would prohibit regulators from forcing banks to close accounts based on a customer’s political or religious views. The Federal Reserve also said last year that it was downgrading reputational risk as a consideration during its oversight of banks, and in February moved to code this change.

While Dimon dismissed Trump’s lawsuit, he and Trump are interested in changing the system.

“There’s a lot of misunderstanding here,” Dimon said. “Hopefully the law will be changed, and hopefully it will be solved.”