WSJ What’s News – PM Edition

Episode: Trump Sues JPMorgan and Jamie Dimon for 'Debanking' Him
Date: January 22, 2026
Host: Alex Osola, The Wall Street Journal

Overview

This episode highlights several of the day's top business and political developments with a detailed focus on former President Trump’s lawsuit against JPMorgan Chase and CEO Jamie Dimon for allegedly “debanking” him after January 6th. The show also covers rising colorectal cancer rates among young Americans, SpaceX’s plans to go public, market movers of the day, luxury retail’s struggles, Senator Amy Klobuchar’s gubernatorial ambitions, a potential U.S. withdrawal from Syria, and a record-setting Oscar contender.

Key Discussion Points & Insights

1. Trump Sues JPMorgan for 'Debanking'

[00:59–02:45]

• Lawsuit Details:

  • Former President Trump has filed a $5 billion lawsuit in Florida against JPMorgan Chase and CEO Jamie Dimon.
  • Alleges the bank closed his accounts for political reasons following the January 6 Capitol riot.
  • The lawsuit claims JPMorgan has “blacklisted” Trump since closing the accounts in 2021.
  • Trump alleges broader discrimination by U.S. banks against conservatives and has initiated regulatory investigations into alleged “debanking.”
  • JPMorgan’s response: Denies discrimination; spokeswoman calls the suit “without merit.”

• Quote:

  • “President Trump sued JPMorgan Chase and its CEO Jamie Dimon for $5 billion, alleging that the bank closed his accounts for political reasons after the riot at the Capitol on January 6th.” — Alex Osola [00:59]

2. Colorectal Cancer Surpasses Breast Cancer in Under-50s

[02:45–03:32]

• Data & Trends:

  • Colorectal cancer has become the leading cause of cancer death among Americans under 50, overtaking breast cancer.
  • Over 3,900 deaths from colorectal cancer in 2023 (adults under 50), versus just over 3,800 from breast cancer.
  • Cases are often detected at advanced stages; not enough under-50s are getting screened.
  • Recommendation: Lowered screening age, but compliance remains low.

• Paraphrased Key Statement:

  • Medical groups lowered the recommended age for colonoscopies, but not enough younger people are getting them.

3. SpaceX Eyes IPO Amid AI Data Center Boom

[03:32–06:17]
Guest: Corey Driebush, WSJ Reporter

• Musk’s IPO Motivation:

  • Sparked by the AI boom and ambitions to put data centers in space, a technically challenging but possibly lucrative leap.
  • High costs and urgent capital needs are driving SpaceX toward going public sooner than planned.
  • “There's this sense of urgency right now. Our reporting shows that he's become a bit obsessed with the idea of being the first to put these data centers in space.” — Corey Driebush [00:48], [04:41]
  • Musk wants the IPO completed by July 2026; banks began preliminary discussions in December.
  • Other big AI companies (OpenAI, Anthropic) may also IPO in late 2026, creating a “first-mover advantage.”

• Investor Appetite:

  • Regular private share sales at rising prices indicate strong demand, but lack of full financial disclosures means surprises are possible when SEC filings arrive.
  • “There's always a chance that when the formal paperwork that they're going to file with the SEC becomes public, that we could learn something surprising.” — Corey Driebush [05:54]

4. Market Movers

[06:22–07:27]

• Major Indexes:
  • US markets up after Trump backed off tariff threats on Europe.
  • Nasdaq up 0.9%.
• Company Highlights:
  • Intel reported losses and expects more due to hefty new chip investments.
  • McCormick saw shares drop 8.1% after raising prices and issuing a disappointing outlook.
  • Procter & Gamble’s revenues rose thanks to higher prices but sales volumes dropped; shares up 2.7%.

5. Saks Bankruptcy and the Future of Luxury Retail

[07:55–10:34]
Guest: Suzanne Kapner, WSJ Reporter

• What Happened:

  • Saks Fifth Avenue filed for bankruptcy, surprised few after a failed 2024 Neiman Marcus acquisition.
  • Industry-wide: After pandemic booms, luxury sales declined in 2023, even for stalwarts like Chanel and Gucci.
  • Reasons: Pandemic overbuying led to a “hangover”; luxury brands raised prices dramatically, but quality faltered, turning off especially Gen Z buyers.

• Strategy Shifts:

  • Big brands (Louis Vuitton, Hermes) doubling down on spectacular flagships, exclusive experiences for high-net-worth individuals (huge stores, private shopping events, perks).
  • Example: Louis Vuitton’s cruise-ship-shaped mega-store in Shanghai with its own museum.
  • Still need to serve aspiring affluent customers, not just the 1%.
  • “The brands are going to be more and more dominant, and they want to control their destiny.” — Suzanne Kapner [09:31]

6. Amy Klobuchar’s Gubernatorial Run

[10:41–11:11]

• Political Update:
  • Senator Klobuchar (D-MN) filed papers to run for governor.
  • Popular in Minnesota with strong polling; no major Democratic rivals yet.
  • GOP hopes to break nearly 20-year streak without statewide wins.

7. Potential U.S. Troop Withdrawal from Syria

[11:11–11:41]

• Exclusive Reporting:
  • The Biden administration is considering a total pullout of 1,000 U.S. troops from Syria, as Kurdish allies wane and the U.S. questions mission viability.

8. Oscars: ‘Sinners’ Sets New Nomination Record

[11:41–12:55]

• Notable Awards News:
  • Sinners, a horror-drama, earns 16 Oscar nominations—most ever for one film.
  • Breaks previous record (14) set by All About Eve, Titanic, La La Land.
  • Other major nominees: One Battle After Another (13 nominations), Marty Supreme, Frankenstein, Sentimental Value (9 each).
  • “Shamefully, I’ve seen zero of this year’s best picture nominees, but I think I know what I’ll be watching this weekend—though probably not all ten.” — Alex Osola [12:44]

Notable Quotes

• On SpaceX's IPO drive:

  • “There is this sense of urgency right now. Our reporting shows that [Musk has] become a bit obsessed with the idea of being the first to put these data centers in space.” — Corey Driebush [00:48]

• On luxury retail’s future:

  • “The brands are going to be more and more dominant, and they want to control their destiny.” — Suzanne Kapner [09:31]

• On Trump’s lawsuit:

  • “President Trump has said the country’s biggest banks discriminate against him, his followers and conservatives broadly, and he’s ordered regulators to launch investigations into banks over allegations of what’s known as debanking.” — Alex Osola [01:25]

• On colorectal cancer risk:

  • “Colorectal cancer cases have been on the rise in younger adults for years, and the fact that it’s now the top cancer killer means the disease is often diagnosed when it’s already at an advanced stage.” — Alex Osola [02:54]

Timestamps for Key Segments

• [00:59] — Trump Sues JPMorgan and Allegations of Debanking
• [02:45] — Colorectal Cancer Now Top Cancer Death for Under-50s
• [03:32] — SpaceX & Elon Musk’s Urgent IPO Push (interview with Corey Driebush)
• [06:22] — Market Recap: Intel, McCormick, Procter & Gamble
• [07:55] — Saks Bankruptcy and the State of Luxury Retail (interview with Suzanne Kapner)
• [10:41] — Senator Amy Klobuchar Files for Governor
• [11:11] — U.S. Considers Troop Pullout from Syria
• [11:41] — ‘Sinners’ Breaks Oscar Nomination Record

This episode offers rapid yet comprehensive coverage of financial, political, scientific, and cultural news shaping the U.S. in early 2026, punctuated by expert analysis and lively reporting.