JPM Stock Eyes Second Week In The Red As Trump’s ‘Debanking’ Claims Spur Investor Concerns

Trump said that he would be suing JPMorgan in the next two weeks “for incorrectly and inappropriately” debanking him.

• Trump, in a Truth Social post, said he did not offer JPM CEO Jamie Dimon the role of Fed Chairman.
• Last week, JPMorgan’s shares fell over 5%, hitting their worst week in nearly 10 months following Trump’s comments on the credit card interest rate cap.
• JPM CFO Jeremy Barnum said that if the credit card interest rate cap goes through, people will lose access to credit on “a very, very extensive and broad basis.”

JPMorgan Chase & Co’s shares are eyeing another week in the red after the stock fell 2% in premarket trading on Tuesday following U.S. President Donald Trump’s comments regarding suing the bank for “debanking” him after the Capitol riot protest five years ago.

The bank’s stock fell 2% in premarket trading, and if losses continue for the week, it would be the second straight week in the red.

“I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest, a protest that turned out to be correct for those doing the protesting — The Election was RIGGED!,” Trump said in a Truth Social post on Saturday.

Trump Revives ‘Debanking’ Threat

Last year, Trump signed an order asking banks to ensure they are not refusing financial services to clients based on political beliefs or religious beliefs, known as “debanking.”

The post was in response to a Wall Street Journal report about Trump offering the Fed Chairman role to JPMorgan CEO Jamie Dimon. Trump disputed that he did not offer Dimon the role, and the latter also confirmed the same.

“A front page Article in The Fake News Wall Street Journal states, without any verification, that I offered Jamie Dimon, of JPMorgan Chase, the job of Fed Chairman. This statement is totally untrue, there was never such an offer,” Trump said.

JPM Stock Watch

Last week, JPMorgan’s shares fell over 5%, hitting their worst week in nearly 10 months following Trump’s comments that he was considering a one-year cap of 10% on credit card interest rates, calling current rates of 20%–30% “excessively high.”

This move is expected to put pressure on bank profitability, particularly for institutions that rely heavily on credit card interest income and fee revenue. Last week, JPMorgan’s Chief Financial Officer, Jeremy Barnum, said that if the credit card interest rate cap goes through, people will lose access to credit on “a very, very extensive and broad basis,” especially the people who need it the most, ironically.

What Is Retail Thinking?

Retail sentiment on JPM stock dipped to ‘bullish’ from ‘extremely bullish’ a day ago, with message volumes at ‘extremely high’ levels, according to data from Stocktwits.

Shares of JPM have gained nearly 21% in the last 12 months.

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