By Rebecca Ungarino

President Donald Trump, who has accused JPMorgan Chase of shuttering his accounts for political reasons and publicly scolded Bank of America's CEO over his complaints of so-called " debanking," is now signaling his support for a rival lender: Citigroup.

In a social media post on Wednesday, Trump congratulated Jane Fraser, the bank's CEO, "and ALL of her great people" for earning a top ranking in advising on mergers and acquisitions in the first quarter.

"Wow!" Trump wrote on his website Truth Social. "They've worked really hard! BIG comeback for CITI!!!"

Shares of Citi, the third-largest U.S. bank by assets, initially rose before falling as much as 1.5%. The S&P 500 fell 1%.

Trump has personal connections to Citi. The president's son, Eric Trump, is a client of the bank and established a trust there that holds some of his father's wealth, Bloomberg News reported last year.

According to the report, the relationship started after Fraser reached out to congratulate the president on his election win in November 2024.

A spokesman for Citi declined to comment on Wednesday. A White House spokesman didn't respond to a request for comment.

Under Fraser, who has been CEO since 2021, the New York-based bank has made improving its standing in investment banking a priority. It has hired several senior bankers from competitors, notably JPMorgan, to win more business and boost performance after years of lagging rivals.

Trump wrote in his post that Citi "was ranked Number 1 in topping M&A Advisory Market by Value in Q1," which doesn't appear to be accurate, based on widely tracked investment-banking data.

Goldman Sachs has advised on M&A deals valued at $992 billion in 2026 to date, the most of any bank, according to Dealogic. Citi has advised on such deals worth $285 billion, Dealogic data show. The data firm LSEG pegs those figures at $903 billion and $250 billion, respectively.

The phrase "M&A Advisory Market by Value in Q1" aligns with language in a report by the company GlobalData, which describes Citi as the top M&A advisor to the power sector by deal value in the first quarter.

Write to Rebecca Ungarino at rebecca.ungarino@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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June 10, 2026 12:29 ET (16:29 GMT)

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