JPMorgan, Schwab and UBS manage millions in Trump investments

For years, the financial institutions handling President Donald Trump’s sprawling investment portfolio have remained one of the most mysterious parts of his personal finances.

A CNBC analysis of Trump’s 2025 annual financial disclosure filed with the Office of Government Ethics has linked JPMorgan Chase, Charles Schwab, UBS and Stephens Inc. to at least four of his eight numbered investment accounts: Account Nos. 3, 5, 6 and 8.

CNBC traced the connections through firm-specific investment funds, deposit programs and credit arrangements embedded in the portfolios. Separate analyses by three financial-industry experts, who asked not to be named because of the sensitivity of the president’s holdings, corroborated CNBC’s findings.

The disclosure does not always specify whether or to what extent each institution served as an investment manager, broker, custodian or in another capacity. The Wall Street Journal reported that a fifth account, Account No. 7, is managed by Schwab, though CNBC has not independently verified that relationship. Schwab declined to comment on whether Trump is a client.

Across all eight accounts, Trump disclosed at least $858 million in assets in 2025 — up from at least $237 million a year earlier — and more than 21,000 trades during the year.

The findings offer the clearest picture yet of who is handling Trump’s portfolio and shed new light on the ties between hundreds of millions of dollars of the president’s personal fortune and financial institutions.

CNBC found no evidence that the financial relationships influenced any government action or that Trump directed any specific transaction.

The Trump Organization told CNBC that outside financial institutions, not Trump, controlled the individual investment decisions. A spokesperson said the president’s assets were placed in fully discretionary accounts that rely heavily on automated strategies to reduce potential conflicts of interest.

“There are no conflicts of interest,” White House spokesperson Anna Kelly told CNBC when asked about Trump’s banking.

Nevertheless, financial experts who spoke with CNBC said the arrangements put the firms in a sensitive position because they are tied to the wealth of a sitting president who can shape banking policy and regulation and who retains extensive domestic and foreign financial interests.

Ross Delston, a former FDIC banking regulator and lawyer who specializes in anti-money-laundering laws, said Trump’s expansive global business interests, past legal and financial troubles and broad authority over the economy create “extraordinary” compliance and reputational risks for institutions — but also bring the prospect of substantial fees and potential access to the sitting president.

“It’s quite remarkable to me that banks do seem to be interested in doing business with our president, given his history,” Delston told CNBC. “They get access — access to the president of the United States. And that is known in my business as priceless.”

Delston…