JPMorgan and Bank of America Shares Dip After Trump Accuses Banks of Political Discrimination

Shares of JPMorgan Chase and Bank of America declined Tuesday after Trump accused both banks of political discrimination. Speaking on CNBC's "Squawk Box," Trump said JPMorgan gave him 20 days to withdraw “hundreds of millions of dollars in cash.” He said he then approached Bank of America to open an account but was turned away despite plans to deposit over $1 billion. He said he ultimately distributed $10 million at a time across smaller banks nationwide. Trump’s comments are part of a broader debate over alleged “de-banking” of conservatives. Banks deny the accusations, citing legal obligations, but the issue has intensified. Trump is preparing an executive order to penalize politically motivated account closures, according to The Wall Street Journal. JPMorgan denied closing accounts for political reasons and agreed that regulatory reform is needed. Bank of America declined to comment.