RESOLVING THE LEDGER
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See the full story · 2 sourcesFor 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 said, "The only way to view the president would be as an ultra-high-risk client from virtually every standpoint."
JPMorgan Chase did not respond to multiple detailed requests for comment about CNBC's findings and methodology. Stephens declined to comment.
A UBS spokesperson told CNBC in a statement that the bank had "no comment on this."
"As you know, we can't comment on client matters, regardless of whether a relationship exist or has ever existed," the spokesperson said.
During Trump's entire first term , he made roughly 500 trades, according to his earlier disclosures. In 2025, that figure exceeded 21,000, driven at least in part by the automated investment strategy the Trump Organization says the president uses.
The bulk of those trades were linked to Schwab, UBS and JPMorgan, according to a CNBC analysis comparing the volume and value of transactions associated with each account in the financial disclosure.
Of the firms identified, Schwab appears to have the most extensive involvement with Trump's money, based on value and trading volume.
CNBC linked the firm to Account No. 6, which held at least $163 million. The Wall Street Journal reported that Schwab manages a second account, Account No. 7.
According to the Journal, Account No. 7 held about $302 million and the disclosure shows it generated about 10,500 transactions in 2025 — nearly half of Trump's disclosed trades . It was far the busiest and included major positions in Apple , Microsoft and Nvidia .
"We have strict policies governed by regulation regarding client privacy and do not comment on any current or former clients," Schwab spokesperson Mayura Hooper said in a statement to CNBC. She declined to comment on accounts 6 and 7. "Schwab serves 46 million client accounts, across different backgrounds, political affiliations, professions and viewpoints — and we apply the same standards to every client relationship."
The size and activity of both accounts associated with Schwab would not necessarily be unusual for an ultrawealthy investor , said Larry Harris, a former chief economist at the Securities and Exchange Commission. Nor would Schwab be an unusual choice for such a portfolio, Harris told CNBC.
"This is typical for people with large portfolios, and Schwab can be cheaper and provide greater control over tax timing," said Harris, now a finance professor at the University of Southern California Marshall School of Business.
Trump's disclosure also showed that Schwab extended a pledged-asset line of credit of more than $50 million to his trust, allowing the trust to borrow against securities without selling them. The proceeds generally cannot be used to purchase additional securities.
Unlike other major banks such as JPMorgan and Capital One , Schwab was not among the institutions the Trump family accused of cutting ties with them after the Jan. 6 insurrection .
The JPMorgan-linked Account No. 8 was active around the same time Trump accused the bank of " de...
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