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Investing.com -- Eric Trump, son of U.S. President Donald Trump, has established a trust at Citigroup that holds some of his father’s money, according to a Bloomberg News report published Thursday.
The banking relationship reportedly began after Citigroup CEO Jane Fraser reached out to congratulate President Trump on his November election victory. Andy Sieg, the bank’s wealth management chief, subsequently led discussions with Eric Trump.
Bloomberg News reported that Citigroup has considered measures to restrict information about the new trust to key personnel only, including Sieg and Kent Lucken, a Citigroup banker managing the relationship. The value of the trust, which names President Trump as beneficiary, is unclear.
In an August interview with CNBC, President Trump claimed that JPMorgan Chase (NYSE:JPM) and Bank of America (NYSE:BAC), the country’s two largest lenders, had previously refused to accept his deposits after his first term in office. The President has repeatedly expressed concerns about "debanking" affecting his family and other prominent conservative political figures