JPMorgan, Schwab and UBS manage millions in Trump’s $858 million investment portfolio
CNBC said the firms handled more than 21,000 trades and at least $858 million in assets across Trump’s eight accounts.
- A CNBC analysis released Wednesday linked JPMorgan Chase, Charles Schwab, UBS, and Stephens Inc. to at least four of President Donald Trump's eight numbered investment accounts through firm-specific deposit programs and credit arrangements.
- Assets grew to at least $858 million in 2025, up from at least $237 million the prior year, with the Trump Organization attributing the portfolio's more than 21,000 trades to an automated direct-indexing investment strategy.
- Schwab stands out as most deeply involved, managing Account No. 7, which held about $302 million and generated roughly 10,500 transactions. Records show trading activity continued at JPMorgan throughout the period Trump publicly accused the bank of placing him on a banking "blacklist."
- Former FDIC banking regulator Ross Delston called Trump an "ultra-high-risk client," noting banks value the "priceless" access to the president. White House spokesperson Anna Kelly countered, "There are no conflicts of interest," regarding the banking arrangements.
- While institutions cited privacy regulations regarding client details, CNBC found no evidence these financial relationships influenced government actions or that the President directed specific transactions, despite the substantial fees and access involved.
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Who Manages Trump's $858M Portfolio? JPMorgan, Schwab, and UBS Linked to Key Accounts
New details have emerged regarding President Donald Trump's financial holdings, shedding light on a vast financial operation managed by top Wall Street institutions. An analysis of his 2025 annual financial disclosure filed with the Office of Government Ethics directly links JPMorgan Chase, Charles Schwab, UBS, and Stephens Inc. to at least four of his eight main investment accounts. The disclosures reveal the true scale of his wealth management…
Trump's secretive $858 million portfolio managed by 4 Wall Street giants
CNBC found no evidence that Trump's financial relationships affected government decisions or individual trades, but experts said the arrangements still pose compliance and reputational risks because they involve managing the wealth of a sitting president.
US banks JPMorgan Chase & Co. and Stephens, US brokerage firm Charles Schwab and Switzerland's largest bank UBS are linked to at least four of US President Donald Trump's eight investment accounts, CNBC reported today in its analysis. It is based on...
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