A CNBC analysis of Trump's 2025 financial disclosure linked the 4 firms to at least 4 of his 8 numbered investment accounts
President Donald Trump outside the White House. (Tasos Katopodis/Getty Images)
JPMorgan $JPM Chase, Charles Schwab $SCHW, UBS, and Stephens Inc. managed at least four of President Donald Trump's eight numbered investment accounts in 2025, according to CNBC, which traced the connections through firm-specific investment funds, deposit programs, and credit arrangements in Trump's annual financial disclosure filed with the Office of Government Ethics.
Three financial-industry professionals, who requested anonymity given the sensitivity of reviewing a sitting president's holdings, separately reviewed the data and confirmed CNBC's conclusions, the outlet said. The disclosure does not specify whether each institution served as investment manager, broker, custodian, or in another capacity.
Combined across all eight accounts, Trump's 2025 annual financial disclosure reported total assets of at least $858 million — a figure that had stood at no more than $237 million the previous year — along with a trading volume exceeding 21,000 transactions.
Among the identified institutions, Schwab stands out as the most deeply involved with Trump's assets, based on the dollar value and number of trades tied to the firm. The outlet linked Schwab to Account No. 6, which held at least $163 million. The Wall Street Journal reported that Schwab also manages Account No. 7, which held about $302 million and generated roughly 10,500 transactions in 2025. CNBC said it has not independently verified that second relationship. Schwab spokesperson Mayura Hooper said the firm "does not comment on any current or former clients."
Records show that Account No. 8, which CNBC tied to JPMorgan, continued recording transactions throughout the very stretch during which Trump was publicly charging the bank with dropping him for political reasons. Trump subsequently filed a $5 billion lawsuit against JPMorgan and CEO Jamie Dimon, claiming the institution had shuttered his and his businesses' accounts for political motives and added them to what the suit called a banking blacklist. JPMorgan has denied the allegations and said the lawsuit has no merit. The case remains pending.
A Stephens-linked account, Account No. 5, held between $1 million and $5 million in a bank-sweep program. UBS declined to comment on the findings.
The Trump Organization said that outside financial institutions — not Trump — control individual investment decisions, and that the president's portfolio relies on direct indexing, an automated strategy that holds individual stocks selected to track a benchmark index. "There are no conflicts of interest," White House spokesperson Anna Kelly said.
Ross Delston, a former FDIC banking regulator, said that Trump's global business interests and broad authority over the economy create "extraordinary" compliance and reputational risks for any institution managing his money. "The only way to view the president would be as an ultra-high-risk client from virtually every standpoint," Delston said.
Trump's 2025 disclosure, which also showed more than $1.4 billion in cryptocurrency income, was filed with the Office of Government Ethics on June 29, 2026, after the president was granted a 45-day extension. Earlier disclosures showed more than 3,700 transactions in the first quarter of 2026 alone, with several purchases timed near favorable regulatory decisions affecting companies in which Trump held positions.
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