JPMorgan, Schwab, UBS Managed Trump's Investment Accounts in 2025
In 2025, four out of the eight investment accounts belonging to President Donald Trump were managed by JPMorgan Chase, Charles Schwab, UBS, and Stephens Inc. CNBC uncovered these connections by examining the investment funds associated with each of these firms, along with deposit programs and credit agreements detailed in Trump’s yearly financial disclosure to the Office of Government Ethics.
Key facts
- JPMorgan Chase, Charles Schwab, UBS, and Stephens Inc. managed at least four of Trump's eight numbered investment accounts in 2025.
- The information was traced by CNBC through Trump's annual financial disclosure filed with the Office of Government Ethics.
- The connections were identified via firm-specific investment funds, deposit programs, and credit arrangements.
- The disclosure was filed with the Office of Government Ethics.
Entities
Institutions
- JPMorgan Chase
- Charles Schwab
- UBS
- Stephens Inc.
- CNBC
- Office of Government Ethics
Sources
- Quartz —