Trump Trust Set Up with Citigroup
President Trump has been critical of Citigroup in the past, especially regarding its involvement in managing his finances. However, recent reports indicate that his son, Eric Trump, has established a trust with the bank, now the third-largest lender in the U.S., to manage a portion of Trump’s wealth, as stated by Bloomberg News.
Bloomberg also mentioned that Trump’s net worth has surged during the 2024 campaign, doubling to approximately $7.7 billion. The trust’s total value remains undisclosed, but Trump has been named the beneficiary.
The bond between the Trump family and Citigroup reportedly grew stronger when CEO Jane Fraser reached out to congratulate Trump following his election win last November. Attempts to get comments from both the White House and the Trump organization have not been successful; meanwhile, a spokesperson for Citigroup chose not to comment.
Fraser, originally from Scotland, was among the prominent business figures who attended a grand banquet hosted by Charles III during Trump’s state visit, which included around 160 guests. Reports suggest that Andy Sheeg, the head of Citigroup’s wealth management division, worked out the details of the trust with Eric Trump. In addition, Kent Lacken, a former diplomat, is managing Citigroup’s relationship with Trump’s family.
Trump has previously expressed disdain for American rival banks like JPMorgan and Bank of America, accusing them of abandoning conservative clients. Notably, in August, he made claims against these institutions, alleging they rejected his deposits, something both banks have refuted.
Earlier this year, in April, Trump and Eric Trump filed a lawsuit against Capital One in Florida, arguing the bank terminated a long-standing relationship following the January 6 Capitol riots. The lawsuit contended that the bank abruptly closed hundreds of accounts.
Furthermore, Deutsche Bank announced it would no longer work with Trump or his company following the Capitol events over four years ago. Allegations related to his business practices have purportedly fueled Trump’s ventures into cryptocurrency, including a project known as World Liberty Financial.
