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President-elect Donald Trump has broadened his search for a Treasury secretary after tensions among his initial top candidates forced him to seek alternative solutions, according to individuals familiar with the matter. Trump is now contemplating Kevin Warsh, an ex-investment banker and former Federal Reserve governor, and Marc Rowan, a billionaire and co-founder of Apollo Global Management.

Trump's personal preference leans towards Warsh, who has been a longstanding member of his economic circle and is married to an heiress of the Estée Lauder cosmetic empire. Warsh has been a fixture on Trump's shortlist for the Federal Reserve chairmanship for an extended period.

Conversely, Rowan enjoys substantial support from key Trump allies, notably his son-in-law, Jared Kushner. Kushner has previously sought Rowan's counsel on foreign and economic policy and included him in a meeting with the Qatari prime minister in 2023 regarding the Middle East conflict. Additionally, Rowan advised Kushner on modifying criteria for a lending program during the pandemic in 2020. Apollo, Rowan's firm, also provided loans to Kushner Companies for refinancing a Chicago skyscraper.

In another development, Tennessee Senator Bill Hagerty visited Trump's Mar-a-Lago estate to interview for various roles, including the Treasury secretary position. Hagerty, who has experience running his own private equity firm and serving on several company boards, was the US ambassador to Japan during Trump's first term before resigning in 2019 to pursue a Senate seat.

Infighting between the initial top candidates—hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick—led Trump to abandon a planned Friday announcement. The rivalry reportedly compelled Trump to reconsider Bessent, whom he was close to appointing due to his conversion to the MAGA movement and experience with Democratic financier George Soros. On the other hand, Lutnick's aggressive campaign garnered endorsements from notable figures such as Elon Musk and Robert F. Kennedy Jr., though it alienated some within Trump's circle.

Despite the contention, both Bessent and Lutnick are expected to secure roles within the administration. Bessent is seen as a potential head of Trump's National Economic Council if not appointed as Treasury secretary.

In a move to quell market anxieties amidst ongoing uncertainty, Trump took to Truth Social to clarify one decision: JPMorgan Chase CEO Jamie Dimon would not be considered for the Treasury role. Dimon, who had shown praise for Trump's policies, seemed to have recently aligned with Vice President Kamala Harris, contributing to Trump's decision.