Trump dropped by biggest lender Deutsche Bank for future business: NYT

FRANKFURT (Reuters) – Deutsche Bank will no longer do business with U.S. President Donald Trump or his businesses following his supporters’ assault on the U.S. Capitol, The New York Times reported.

Deutsche Bank is Trump’s largest lender, with about $340 million in outstanding loans to the Trump Organization, the president’s umbrella group that is currently overseen by his two sons, according to Trump’s disclosures to the US Office of Government Ethics dated July 31 last year, plus banking sources.

The decision, 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 checking and money market accounts – called on him to resign .

“The president’s resignation…is in the best interests of our nation and the American people,” Signature Bank said on its website.

A Deutsche Bank spokesperson declined to comment on the NYT report on Tuesday.

The Trump Organization did not immediately respond to an email seeking comment outside of regular business hours, and the White House press office did not answer the phone.

Christiana Riley, head of US operations at Deutsche Bank, condemned the Jan. 6 violence in Washington in a LinkedIn post last week.

“We are proud of our Constitution and support those who seek to uphold it to ensure that the will of the people is respected and that a peaceful transition of power takes place,” she wrote.

Reuters reported in November that Deutsche Bank was looking for ways to end its relationship with Trump after the US election as it grew tired of the negative publicity stemming from those ties.

Trump’s loans to Deutsche include a golf course in Miami and hotels in Washington and Chicago.

The president was rebuked by the professional golf world this week, with the PGA of America and the R&A both announcing they would avoid two courses owned by the president following the storming of the Capitol.

Twitter and Facebook shut down Trump’s social media feeds.

(Reporting by Tom Sims; Editing by Louise Heavens and Pravin Char)

Comments are closed.