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After years getting shunned by major banks, Donald Trump’s money has found another place to call home: Citigroup Inc.
The president’s son, Eric Trump, signed up as a client of the third-largest US lender and established a trust there that holds some of his father’s money, according to people with direct knowledge of the matter, who asked not to be named discussing the confidential arrangements.
The relationship started after Chief Executive Officer Jane Fraser reached out to congratulate President Trump on his election win in November. The new trust is a sensitive topic inside the bank, which weighed how to limit access to information beyond key staff — such as wealth management chief Andy Sieg, who led talks with Eric Trump, and Kent Lucken, a Citigroup banker handling the relationship, some of the people said.
The unwillingness of many banks to safeguard Donald Trump’s wealth has irritated the president, who publicly lashed out this year at JPMorgan Chase & Co. and Bank of America Corp., claiming they refused his money. Both firms have said they don’t deny business on ideological grounds.
Traditional financial institutions “did everything they could to try and cancel us,” Eric Trump said in a Bloomberg Television interview last month. The president told CNBC he “ended up going to small banks all over the place.” A Citigroup spokesperson declined to comment. There was no response to a request for comment from the Trump Organization, the family’s real estate business where Eric Trump is a top executive.
Today's show features:
- Bloomberg News Banking Reporter Todd Gillespie on Trump’s Wealth, Once Spurned by Banks, Gets New Home at Citi
- Scott Wisniewski, President of AST SpaceMobile, on the market for cellular broadband in space and competing with Starlink
- Bloomberg News Managing Editor, Media & Entertainment, Lucas Shaw on the Bloomberg Businessweek cover story profiling Mr. Beast
- Drive to the Close with Adrianne Yamaki, Founder and Managing Partner of Strategic Wealth Capital
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