The president's money is spread across eight numbered accounts, and CNBC matched four of them to specific banks by analyzing the document for details like proprietary investment funds, cash management plans, and loan agreements noted in the 2025 annual financial disclosure.
And the trading activity exploded too. During his entire first term, the portfolio saw about 500 trades.
In 2025 alone, it made more than 21,000.
Charles Schwab shows up in a big way. Account No. 6 holds at least $163 million, and Account No. 7 holds about $302 million, according to the Wall Street Journal.
Get the market news that matters in a five-minute read with Market Briefs, our free daily newsletter
Account No. 7 generated about 10,500 transactions last year, nearly half of all the portfolio's activity. Schwab also provided the trust with a pledged-asset credit line exceeding $50 million, enabling it to take loans using securities as collateral without having to sell.
JPMorgan Chase is linked to Account No. 8. Around the period when Trump claimed the bank had "debanked" him for political reasons, that account saw activity.
CNBC was informed by the Trump Organization that investment decisions were made by outside financial institutions, not by the president himself. A spokesperson explained that the president's holdings were put into accounts where the bank has full discretion and which depend largely on algorithmic trading to minimize possible conflicts.
Even if the president never touches the keyboard, the banks still face a unique set of problems.
According to Ross Delston, who previously served as a banking regulator at the FDIC and is now a lawyer, Trump's wide-ranging international business dealings, his history of legal and monetary difficulties, and his sweeping influence over the economy pose "extraordinary" regulatory and image hazards for banks - yet also offer the possibility of large fees and the chance to gain face time with the current president. "It's quite remarkable to me that banks do seem to be interested in doing business with our president, given his history," Delston told CNBC. "They get access - access to the president of the United States. And that is known in my business as priceless." Delston said, "The only way to view the president would be as an ultra-high-risk client from virtually every standpoint."
But he also notes the banks charge high fees to offset the risk. Whether those fees are high enough is anyone's guess.
The White House insists there are no conflicts of interest. The banks are not talking about client relationships.
JPMorgan Chase failed to reply to several detailed inquiries for comment. Stephens chose not to comment. A representative from UBS stated that the bank cannot discuss client matters, whether or not a relationship exists or ever existed.
Schwab spokesperson Mayura Hooper said, "We have strict policies governed by regulation regarding client privacy and do not comment on any current or former clients." She added, "Schwab serves 46 million client accounts, across different backgrounds, political affiliations, professions and viewpoints - and we apply the same standards to every client relationship."
One thing is clear: the next few years will test whether the financial system's safeguards are strong enough for the most high-profile client in the world.
Join Market Briefs, our free daily newsletter, for a quick daily rundown of the markets
