Deutsche Bank finally cuts ties with Donald Trump after Capitol assault
The bank, Trump’s most important lender, has been looking for a way to break ties with him, and the violence by his supporters was the final straw
Frankfurt — Deutsche Bank will no longer do business with US President Donald Trump or his companies in the wake of his supporters’ assault on the US Capitol, the New York Times (NYT) has reported.
Deutsche Bank is Trump’s biggest lender, with about $340m in loans outstanding to the Trump Organisation, the president’s umbrella group that is overseen by his two sons, according to Trump’s disclosures with the US office of government ethics dated July 31 2020, and banking sources.
The move, reported by the NYT and citing a person familiar with the bank’s thinking, comes as Signature Bank — where Trump’s ethics disclosures show he has chequeing and money-market accounts — called for him to step down. “The resignation of the president ... is in the best interests of our nation and the American people,” Signature Bank said on its website.
A spokesperson for Deutsche Bank declined to comment on the NYT report. The Trump Organisation did not immediately respond to an e-mail seeking comment outside normal business hours, and the White House press office did not answer the phone.
Christiana Riley, head of Deutsche Bank’s US operations, condemned the January 6 violence in Washington in a post on LinkedIn last week.
“We are proud of our constitution and stand by those who seek to uphold it to ensure the will of the people is upheld and a peaceful transition of power takes place,” she wrote.
It was reported in November that Deutsche Bank was looking for ways to end its relationship with Trump after the US elections, as it tires of the negative publicity stemming from the ties.
Trump’s loans with Deutsche are for a golf course in Miami and hotels in Washington and Chicago.
The president was handed a rebuke by the world of professional golf this week, with the PGA of America and the The Royal and Ancient Golf Club of St Andrews both announcing they would shun two courses owned by the president in the wake of the Capitol storming.
Twitter and Facebook have shut down Trump’s social media feeds.
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