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Bloomberg News reports that Eric Trump has signed up with Citigroup as a client

Bloomberg News, citing sources with direct knowledge, reported that Eric Trump, son of U.S. President Donald Trump, had signed up to be a Citigroup client and set up a trust which holds some of his dad's money.

Reports added that the value of the trust held by Citigroup with the U.S. president as its beneficiary is not clear.

Donald Trump's second term in office saw him hand over the management of his assets to his children. This was a repeat of an arrangement made during his previous term.

The report stated that Citi's relationship began after CEO Jane Fraser congratulated President Trump for his victory in the November election, and wealth management chief Andy Sieg conducted the discussions with Eric Trump, age 41.

Report said that the bank had considered how to limit the access of information about the trust to key staff, such as Sieg, and Kent Lucken, Citigroup's banker who handles the relationship.

Could not independently verify the article. Citigroup's spokesperson declined to respond to a question.

Trump claimed in an August interview with CNBC that the two largest lenders in the United States, JPMorgan Chase & Bank of America, had refused to accept his deposits after his first term as president, but did not provide any evidence.

Trump said to CNBC that he had "ended up going all over the place to small banks."

Bloomberg reported that this year more banks expressed interest in establishing relationships. Some of them even privately contacted the Trump family.

(source: Reuters)