New York, New York - President Donald Trump has sued JPMorgan Chase and CEO Jamie Dimon on Thursday, alleging he was wrongly "debanked" for political reasons, according to a civil complaint.

Trump is seeking at least $5 billion in damages in a civil suit filed in a Florida state court.

The complaint focuses on the nation's biggest bank's moves to cut ties following the January 6 siege on the US Capitol after Trump refused to concede after his loss in the 2020 presidential election to Joe Biden.

JPMorgan said the case has "no merit," but called for regulatory reform to "prevent the weaponization of the banking sector."

Trump was notified on February 19 that JPMorgan was closing several accounts, resulting in "considerable financial harm," according to the complaint.

Trump and his businesses were hurt "not only by the interruption to their access to JPMC's banking services, but also by the devastating impact of plaintiff's ability to transact and access their monies, and by having to enter into less favorable business arrangements with other financial institutions," the complaint said.

"Plaintiffs are confident that JPMC's unilateral decision came about as a result of political and social motivations, and JPMC's unsubstantiated 'woke' beliefs that it needed to distance itself from President Donald Trump and his conservative political views."

JPMorgan said it would fight the litigation, adding it does "not close accounts for political or religious reasons," according to a statement.

"We do close accounts because they create legal or regulatory risk for the company. We regret having to do so, but often rules and regulatory expectations lead us to do so," said the bank, adding that it favors reform to "prevent the weaponization of the banking sector."

"While we regret President Trump has sued us, we believe the suit has no merit," the bank added. "We respect the President's right to sue us and our right to defend ourselves – that's what courts are for."