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 President Donald Trump's 2025 financial disclosure has revealed the financial institutions managing much of his personal wealth, with a CNBC analysis linking JPMorgan Chase, Charles Schwab, UBS and Stephens Inc to at least four of his eight investment accounts.
CNBC found no evidence that the financial firms managing Trump's investments influenced any government decisions or that Trump personally directed any of the trades.
Nevertheless, banking experts told the network that the arrangements place the firms in a sensitive position because they manage the wealth of a sitting president with broad authority over banking regulation.
PORTFOLIO GROWS TO $858 MILLION
According to CNBC's analysis, Trump disclosed at least $858 million in assets across eight investment accounts in 2025, up from $237 million a year earlier.
The eight accounts also logged more than 21,000 transactions during the year, compared to just 500 trades across Trump's entire first presidential term (2017-2021).
Charles Schwab appears to play the biggest role, managing accounts worth at least $465 million and accounting for nearly half of Trump's trades. The firm also extended a more than $50 million line of credit to Trump's Trust, of which he is the sole beneficiary.
JPMorgan Chase was linked to another actively traded account, while UBS was identified as managing part of Trump's portfolio, although CNBC did not specify the value of the assets it handled.
Stephens Inc managed a relatively small portion of Trump's investments, with assets worth between $1 million and $5 million, the network added.
I DON'T GET INVOLVED: TRUMP
Trump has previously denied having any role in managing his personal investments. Speaking to reporters four weeks ago, the US president said, "I don't get involved ... We have funds that run my money."
His remarks came a day after his annual financial disclosure showed more than $1.4 billion in income from family business ventures, including cryptocurrency.
The filing showed Trump's companies received nearly $800 million from World Liberty Financial, the cryptocurrency venture he co-founded with his sons.
The income included more than $520 million from crypto token sales and more than $250 million from the sale of interests in the business.
"You know why I'm profiting? Because the stock market's going up. Everybody's profiting," Reuters quoted Trump as saying.
AUTOMATED INVESTING BUT ETHICAL CONCERNS REMAIN
The Trump Organization told CNBC that the president's assets are held in fully discretionary accounts, with outside financial institutions exercising sole authority over asset allocation, trading and portfolio management.
It added the accounts rely heavily on automated direct-indexing strategies designed to minimise potential conflicts of interest.
The US-based news network found no evidence that Trump's financial relationships affected government decisions or that he directed individual trades.
Yet, experts told the network, the arrangements still pose "compliance and reputational risks" because financial institutions are managing the wealth of a sitting president.
The report also noted that investment activity linked to JPMorgan continued even as Trump publicly accused the bank of "debanking" him and later sued it for $5 billion, alleging political discrimination.
US President Donald Trump's 2025 financial disclosure has revealed the financial institutions managing much of his personal wealth, with a CNBC analysis linking JPMorgan Chase, Charles Schwab, UBS and Stephens Inc to at least four of his eight investment accounts.
CNBC found no evidence that the financial firms managing Trump's investments influenced any government decisions or that Trump personally directed any of the trades.
Nevertheless, banking experts told the network that the arrangements place the firms in a sensitive position because they manage the wealth of a sitting president with broad authority over banking regulation.
PORTFOLIO GROWS TO $858 MILLION
According to CNBC's analysis, Trump disclosed at least $858 million in assets across eight investment accounts in 2025, up from $237 million a year earlier.
The eight accounts also logged more than 21,000 transactions during the year, compared to just 500 trades across Trump's entire first presidential term (2017-2021).
Charles Schwab appears to play the biggest role, managing accounts worth at least $465 million and accounting for nearly half of Trump's trades. The firm also extended a more than $50 million line of credit to Trump's Trust, of which he is the sole beneficiary.
JPMorgan Chase was linked to another actively traded account, while UBS was identified as managing part of Trump's portfolio, although CNBC did not specify the value of the assets it handled.
Stephens Inc managed a relatively small portion of Trump's investments, with assets worth between $1 million and $5 million, the network added.
I DON'T GET INVOLVED: TRUMP
Trump has previously denied having any role in managing his personal investments. Speaking to reporters four weeks ago, the US president said, "I don't get involved ... We have funds that run my money."
His remarks came a day after his annual financial disclosure showed more than $1.4 billion in income from family business ventures, including cryptocurrency.
The filing showed Trump's companies received nearly $800 million from World Liberty Financial, the cryptocurrency venture he co-founded with his sons.
The income included more than $520 million from crypto token sales and more than $250 million from the sale of interests in the business.
"You know why I'm profiting? Because the stock market's going up. Everybody's profiting," Reuters quoted Trump as saying.
AUTOMATED INVESTING BUT ETHICAL CONCERNS REMAIN
The Trump Organization told CNBC that the president's assets are held in fully discretionary accounts, with outside financial institutions exercising sole authority over asset allocation, trading and portfolio management.
It added the accounts rely heavily on automated direct-indexing strategies designed to minimise potential conflicts of interest.
The US-based news network found no evidence that Trump's financial relationships affected government decisions or that he directed individual trades.
Yet, experts told the network, the arrangements still pose "compliance and reputational risks" because financial institutions are managing the wealth of a sitting president.
The report also noted that investment activity linked to JPMorgan continued even as Trump publicly accused the bank of "debanking" him and later sued it for $5 billion, alleging political discrimination.
US President Donald Trump's 2025 financial disclosure has revealed the financial institutions managing much of his personal wealth, with a CNBC analysis linking JPMorgan Chase, Charles Schwab, UBS and Stephens Inc to at least four of his eight investment accounts.
CNBC found no evidence that the financial firms managing Trump's investments influenced any government decisions or that Trump personally directed any of the trades.
Nevertheless, banking experts told the network that the arrangements place the firms in a sensitive position because they manage the wealth of a sitting president with broad authority over banking regulation.
PORTFOLIO GROWS TO $858 MILLION
According to CNBC's analysis, Trump disclosed at least $858 million in assets across eight investment accounts in 2025, up from $237 million a year earlier.
The eight accounts also logged more than 21,000 transactions during the year, compared to just 500 trades across Trump's entire first presidential term (2017-2021).
Charles Schwab appears to play the biggest role, managing accounts worth at least $465 million and accounting for nearly half of Trump's trades. The firm also extended a more than $50 million line of credit to Trump's Trust, of which he is the sole beneficiary.
JPMorgan Chase was linked to another actively traded account, while UBS was identified as managing part of Trump's portfolio, although CNBC did not specify the value of the assets it handled.
Stephens Inc managed a relatively small portion of Trump's investments, with assets worth between $1 million and $5 million, the network added.
I DON'T GET INVOLVED: TRUMP
Trump has previously denied having any role in managing his personal investments. Speaking to reporters four weeks ago, the US president said, "I don't get involved ... We have funds that run my money."
His remarks came a day after his annual financial disclosure showed more than $1.4 billion in income from family business ventures, including cryptocurrency.
The filing showed Trump's companies received nearly $800 million from World Liberty Financial, the cryptocurrency venture he co-founded with his sons.
The income included more than $520 million from crypto token sales and more than $250 million from the sale of interests in the business.
"You know why I'm profiting? Because the stock market's going up. Everybody's profiting," Reuters quoted Trump as saying.
AUTOMATED INVESTING BUT ETHICAL CONCERNS REMAIN
The Trump Organization told CNBC that the president's assets are held in fully discretionary accounts, with outside financial institutions exercising sole authority over asset allocation, trading and portfolio management.
It added the accounts rely heavily on automated direct-indexing strategies designed to minimise potential conflicts of interest.
The US-based news network found no evidence that Trump's financial relationships affected government decisions or that he directed individual trades.
Yet, experts told the network, the arrangements still pose "compliance and reputational risks" because financial institutions are managing the wealth of a sitting president.
The report also noted that investment activity linked to JPMorgan continued even as Trump publicly accused the bank of "debanking" him and later sued it for $5 billion, alleging political discrimination.
