Trump taps Citi to manage his money following – Business News
President Trump, who’s long accused the massive banks of icing him out of their business, has tapped Citigroup to manage his money, in accordance to a new report.
Eric Trump, the president’s son, set up a trust to maintain some of his father’s wealth on the third-biggest US lender, Bloomberg News reported.
The commander-in-chief — whose internet price has more than doubled to an estimated $7.7 billion because the begin of his 2024 marketing campaign, in accordance to Bloomberg — is called because the beneficiary, although the worth of the trust has not been disclosed.
President Trump has tapped Citigroup to manage his money. Citigroup’s CEO Jane Fraser (pictured) developed close ties with the Trump household after she referred to as to congratulate the president following the November election victory. AP
Close ties between the Trump household and Citigroup started when its CEO Jane Fraser referred to as to congratulate the president after his November election victory, in accordance to Bloomberg.
The Post has approached the White House and the Trump Organization for remark. A Citigroup spokesperson declined to remark.
Scotland-born Fraser, together with Bank of America CEO Brian Moynihan, was one of the highest American business leaders who attended a banquet during Trump’s newest state go to to the UK — a 160-person occasion hosted by King Charles III at Windsor Castle.
Citi’s wealth management chief Andy Sieg reportedly did the trust negotiations with Eric Trump, whereas banker Kent Lucken, a former State Department diplomat, manages the lender’s relationship with the First Family.
President Trump has beforehand been essential of Citi’s US rivals, JP Morgan and BofA, accusing them of debanking conservatives. Francis Chungg/UPI/Shutterstock
Sieg is the hard-charging banker who’s accused of humiliating fellow executives with his explosive tirades.
Boosting the efficiency of the bank’s wealth management division is a key half of Fraser’s turnaround strategy for Citi, which has seen its share price rise by almost 40% because the flip of 2025.
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In August, the president lashed out at JPMorgan Chase & Co. and Bank of America, claiming that each firms had refused to take his deposits. Both corporations have repeatedly denied allegations of debanking conservatives.
In April, Trump’s company and his son Eric Trump sued Capital One in Florida after the company axed lots of of their bank accounts in March 2021 amid the uproar concerning the Jan. 6, 2021 Capitol riots.
The lawsuit said the financial firm had ended a decades-long relationship “simply because Capital One believed that the political views at the time favored doing so.”
European giant Deutsche Bank vowed by no means to do business with Trump or his firms ever again after the assault on the Capitol more than 4 years in the past.
The debanking allegations are stated to have inspired the Trump Organization’s cryptocurrency ventures, together with World Liberty Financial.
