JPMorgan, Schwab and UBS manage millions in Trump's $858 million investment portfolio

For years, the financial institutions handling President Donald Trump's sprawling investment portfolio have remained one of the most mysterious parts of his personal finances.A CNBC analysis of Trump's 2025 annual financial disclosure filed with the Office of Government Ethics has linked JPMorgan Chase, Charles Schwab, UBS and Stephens Inc. to at least four of his eight numbered investment accounts: Account Nos. 3, 5, 6 and 8.CNBC traced the connections through firm-specific investment funds, deposit programs and credit arrangements embedded in the portfolios. Separate analyses by three financial-industry experts, who asked not to be named because of the sensitivity of the president's holdings, corroborated CNBC's findings.The disclosure does not always specify whether or to what extent each institution served as an investment manager, broker, custodian or in another capacity. The Wall Street Journal reported that a fifth account, Account No. 7, is managed by Schwab, though CNBC has not independently verified that relationship. Schwab declined to comment on whether Trump is a client.Across all eight accounts, Trump disclosed at least $858 million in assets in 2025 — up from at leas...