Eric Trump Establishes Citigroup Trust for Family Wealth

After years of being shunned by major banks, President Donald Trump's family wealth has found a new home at Citigroup Inc., with his son Eric Trump establishing a trust there that holds some of the president's assets. This relationship began after Citigroup CEO Jane Fraser reached out to congratulate Trump on his 2016 election victory, and the trust is managed with limited access within the bank to key personnel. Citigroup, the third-largest U.S. lender, offers a broad range of financial services globally and has a history of financing Trump's previous ventures. The bank has been navigating this sensitive relationship amid regulatory scrutiny, including significant fines related to risk management, while benefiting from the Trump family's surge in wealth driven by real estate, cryptocurrency projects, and the 2024 election campaign. The trust arrangement is one of several financial setups for Trump, who has also utilized other trusts and business entities for his assets. Despite Trump's previous public criticisms of major banks, Citigroup has positioned itself as a key financial partner for the president's wealth management needs.