CNBC调查：特朗普8580万美元投资组合牵涉多家银行

For years, we've known very little about the financial firms connected to President Trump's investments. That is, until now. Cnbc has linked JPMorgan Chase, Charles Schwab, UBS and Stephens Incorporated to at least four of Trump's eight investment accounts. Tracing firms specific investment funds, deposit programs and credit arrangements buried in Trump's annual financial disclosure. Three financial industry experts also independently reviewed the filing and corroborated CNBC's findings.

The filing lists eight numbered investment accounts that held at least $858 million in 2025, up more than double from a year earlier. Together, they generated more than 21,000 trades last year. While the disclosure does not always define each firm's role or the extent of their relationship, it offers the clearest picture yet of who is handling Trump's portfolio. One of those accounts has links to JPMorgan. Trump has continually accused JPMorgan of politically debunking him or not providing financial services.

He even signed an executive order targeting what he described as politically motivated debunking on August 7th. But the JP Morgan linked account was active even before that order on August 4th. It disclosed more than 300 trades worth up to $5.5 million, and the account continued trading for months afterward. Trump later sued JP Morgan for $5 billion for allegedly debunking him following the January 6th Capitol insurrection.

The case remains ongoing, with no hearing scheduled. The bank did not respond to multiple detailed requests for comment. The Trump family has repeatedly said that the accounts are handled by outside money managers and financial institutions. We were able to identify a handful of the firms linked to at least four of the eight investment accounts. The Wall Street Journal has reported that a fifth account is also managed by Schwab, though we have not independently verified that relationship.

The Trump Organization added that the accounts rely heavily on automated strategies like direct indexing that mirror index funds. The white House said there are no conflicts of interest. Cnbc found no evidence that Trump or members of his family directed individual transactions. The public disclosure also does not identify who initiated each trade or provide the underlying investment management agreements, as its extensive domestic and foreign financial ties raised additional conflict, compliance and reputational concerns.

So what is the risk to financial institutions that manage Trump's investments, and why might they take that risk? Trump has said his family oversees the trust, while outside financial institutions control the investment decisions. The kids run it. They've made a tremendous amount of money, more than I would have ever thought I would have made, and I let people invest it. I don't even speak to. I don't even know who they are.

Of the firms we've identified, Schwab appears to have the largest relationship with Trump. CNBC linked the firm to one account, while the Journal reported that it manages a second. That second portfolio identified in the annual financial disclosure only as account number seven, was by far the busiest, holding at least $302 million and generating more than 10,000 transactions in 2025. That trading volume is not unusual for investment strategies like direct indexing.

Schwab declined to answer questions about its links to Trump's accounts, citing client privacy. UBS and Stephens also declined to comment. J.p. Morgan did not respond to multiple requests for comment. These relationships put the firms in a sensitive position. They are handling the wealth of a sitting president with influence over banking policy and regulation. Much of Trump's wealth remains housed in a revocable trust where he's the sole beneficiary, while his son, Donald Trump Jr, serves as trustee.

It's a setup that provides far less separation than a traditional blind trust, which presidents in the past have used to prevent conflicts of interest. This lack of total insulation puts the banks managing his money under intense compliance and reputational pressure because he's the sitting president. Financial institutions usually classify him as a PEP, a politically exposed person that comes with lots of red tape, including costly oversight duties like constant monitoring of everyday transfers, checks and stock trades to make sure everything is above board.

And as far as the institutions that are willing to take that risk. They must be getting something. One is they're going to charge him higher fees because they've got to make up at least part of that risk, but they can't charge them fees high enough to make up for the entire risk. So what else do they get? They get access. Access to the president of the United States. And that is known in my business as priceless.