Bank of New York Mellon and Robinhood are the early winners in Wall Street’s race to play a role in setting up and running Trump accounts, a new savings tool for children created under last year’s tax law, the Wall Street Journal reported.
The Treasury Department is announcing Monday that it has designated BNY as a financial agent to manage the initial accounts. The bank is partnering with Robinhood Markets to tap its design and technology know-how to develop a Trump Accounts app and provide customer service, according to the department.
Bank of New York Mellon and Robinhood both rose more than 1% in morning trading.
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