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Deutsche Bank will no longer do business with Trump



A person familiar with the matter told CNN Business that the largest German bank has decided not to do business with the president and his company. The news was first reported by the New York Times, immediately following the fatal riots in the US Capitol last week.
Spokesperson Deutsche Bank (DB) Refuse to comment on CNN Business on the grounds that it is forbidden to discuss potential customer relationships.

This move is the latest example of the company’s strong opposition to the president, after his supporters destroyed the Capitol in an offensive attack, killing five people.

On Monday, Signature Bank said it had begun closing Trump’s personal accounts and called on the president to resign. The U.S. bank also stated that it “will not do business with any member of Congress who voted to vote against the college.”

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According to the 2019 financial disclosure filed by the U.S. Government Ethics Office, Trump has a checking account at the signing bank. The filing documents show that the revocable trust in the name of the president also has a money market account in Signature Bank.

The loss of Deutsche Bank’s future business could be a bigger blow. In the past decade, the German bank has provided more than $300 million in loans to the Trump Organization to help fund several large real estate projects. People familiar with the matter said Trump did not ask Deutsche Bank to lend more.

According to a report in the New York Times in 2019, Deutsche Bank’s total loans to Trump and his company exceeded $2.5 billion.

According to the president’s financial disclosure documents, Trump has several outstanding loans from Deutsche Bank. The president has borrowed tens of millions of dollars for Trump National Doral, his golf resort in southern Florida. Deutsche Bank also provided loans for the Trump International Hotel Tower in Chicago and the Trump International Hotel in Washington, which opened in 2016.

It is not yet clear how Deutsche Bank will handle the loan once Trump leaves the White House, especially when the pandemic has caused a sharp decline in the hotel and hotel industry. The loan will mature in 2023 and 2024.

At the end of last month, the two private bankers of Deutsche Bank who had the closest relationship with Trump resigned.

Christiana Riley, the top executive of Deutsche Bank Americas, posted an article on LinkedIn last week condemning the violence at the Capitol.

She wrote: “Violence has no place in our society. The scene we witnessed is a shame for the entire country.” “We are proud of our constitution and support those who uphold the constitution to ensure that the will of the people is upheld. And achieve a peaceful transition of power.”

The Manhattan District Attorney’s Office and the New York Attorney General are investigating the Trump Organization, and both agencies have issued subpoenas to the bank for its loan relationship with the company.

According to court documents, investigators are investigating whether the Trump Organization misled or deceived lenders by exaggerating the value of some of its assets.

— Kara Scannell and Chris Isidore contributed reports.


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