The first openly gay person in the role has the delicate balancing act of cutting taxes and curbing deficits while putting forward a plan on tariffs that doesn’t jeopardize growth.

Bessent, a past supporter of Democrats who once worked for George Soros, has become an enthusiastic supporter of Trump.

Neeraj Singh joins the Buffalo, New York-based bank after a four-year stint at USAA, which has seen an exodus of top executives. The megabank is simplifying the management structure of its private bank. Regional leaders will now report directly to Andy Sieg, head of wealth.