ABC News NEW: President Donald Trump's nominee for secretary of the Army, billionaire Wall Street trader Vincent Viola, announced Friday that he is withdrawing his name from consideration for the position, citing business ties.

CNN Politics "Mr. Viola has informed President Trump that he will be unable to accept his nomination to serve as secretary of the Army as the challenges of separating Mr. Viola from the organizations that he has built over the last thirty-five years have proven i Read more ... nsurmountable," a statement from Vincent Viola's team says.

CNN JUST IN: President Donald J. Trump's nominee for secretary of the Army, Vincent Viola, is withdrawing, citing business ties.

The New York Times Breaking News: President Trump's pick for Army secretary, Vincent Viola, dropped out. The billionaire Wall St. trader cited business conflicts.

HuffPost Politics Vincent Viola is a West Point graduate and U.S. Army veteran.

MSNBC JUST IN: President-elect Donald J. Trump picks Vincent Viola, a West Point graduate and billionaire, to be secretary of the Army.

NBC News JUST IN: President-elect Donald J. Trump picks Vincent Viola, a West Point graduate and billionaire, to be secretary of the Army.

Forbes Vincent Viola is the founder of electronic-trader Virtu Financial, which is estimated to be worth $1.8 billion.

HuffPost Politics After the Sept. 11, 2001, al Qaeda attacks on New York and Washington, Viola helped found the Combating Terrorism Center at West Point.

The Wall Street Journal President-elect Donald Trump selected Virtu Financial founder Vincent ‘Vinnie’ Viola to be secretary of the Army, the presidential transition team said Monday.