Citigroup now manages Trump's assets after Deutsche Bank dropped him
Citigroup is now in charge of managing Donald Trump's assets through a trust set up by his son, Eric Trump.
This shift comes after years of Trump claiming that big banks like JPMorgan Chase and Bank of America shut him out for political reasons—claims those banks have denied.
Close ties between the Trump family and Citigroup began when Citi CEO Jane Fraser called to congratulate Trump on his November election victory, according to Bloomberg.
Implications for banks and politically exposed clients
This move marks a major change in how Trump handles his finances, especially after Deutsche Bank dropped him following the Capitol riot in 2021 and Capital One closed his accounts in 2021.
For Citigroup, taking on such a high-profile client fits with their push to grow their wealth management business worldwide.
It also highlights how tricky it can be for banks to work with politically exposed clients—and could shape how other financial institutions handle similar situations going forward.