President Trump, who’s long accused the big banks of icing him out of their business, has tapped Citigroup to manage his money, according to a new report.
Eric Trump, the president’s son, set up a trust to hold some of his father’s wealth at the third-biggest US lender, Bloomberg News reported.
The commander-in-chief — whose net worth has more than doubled to an estimated $7.7 billion since the start of his 2024 campaign, according to Bloomberg — is named as the beneficiary, though the value of the trust has not been disclosed.
Close ties between the Trump family and Citigroup began when its CEO Jane Fraser called to congratulate the president after his November election victory, according to Bloomberg.
The Post has approached the White House and the Trump Organization for comment. A Citigroup spokesperson declined to comment.
Scotland-born Fraser, along with Bank of America CEO Brian Moynihan, was one of the top American business leaders who attended a banquet during Trump’s latest state visit to the UK — a 160-person event hosted by King Charles III at Windsor Castle.
Citi’s wealth management chief Andy Sieg reportedly did the trust negotiations with Eric Trump, while banker Kent Lucken, a former State Department diplomat, manages the lender’s relationship with the First Family.
Sieg is the hard-charging banker who is accused of humiliating fellow executives with his explosive tirades.
Boosting the performance of the bank’s wealth management division is a key part of Fraser’s turnaround strategy for Citi, which has seen its share price rise by nearly 40% since the turn of 2025.
In August, the president lashed out at JPMorgan Chase & Co. and Bank of America, claiming that both companies had refused to take his deposits. Both firms 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 hundreds of their bank accounts in March 2021 amid the uproar about the Jan. 6, 2021 Capitol riots.
The lawsuit stated 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 never to do business with Trump or his companies ever again after the assault on the Capitol more than four years ago.
The debanking allegations are said to have encouraged the Trump Organization’s cryptocurrency ventures, including World Liberty Financial.
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