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Deutsche Bank will no longer do business with Trump

Germany’s largest bank has decided to refrain from future business with the president and his company, a person familiar with the bank’s thinking told CNN Business. The news, first reported by the New York Times, tracked the deadly riots last week in the US Capitol.
Speaker of Deutsche Bank (DB) declined to comment on CNN Business, citing a ban on discussing potential customer relationships.

The move is the latest example of a corporate response to the president after his supporters vandalized the Capitol in a brazen attack that killed five people.

On Monday, Signature Bank said it had begun closing Trump̵

7;s personal accounts and called on the president to resign. The US bank also said it “will not do business in the future with any member of Congress who has voted to ignore the Electoral College.”

Trump has a current account with Signature Bank, according to a 2019 financial disclosure filed with the U.S. State Ethics Office. The withdrawn trust in the president’s name also has a money market account with Signature Bank, according to the declaration.

Losing a future business with Deutsche Bank is potentially a much bigger blow. Trump owes Deutsche Bank approximately $ 340 million in the coming years, said a source familiar with the bank’s thinking.

There is no request from Trump to grant more money to Deutsche Bank, the person said.

The total lending from Deutsche Bank to Trump and his companies amounts to more than $ 2.5 billion, the New York Times reported in 2019.

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

It is unclear how Deutsche Bank will handle the loans after Trump leaves the White House, especially in the hotel and hotel business, which is declining sharply due to the pandemic. Loans fall in 2023 and 2024.

At the end of last month, the two private bankers at Deutsche, who worked most closely with Trump, resigned.

Christiana Riley, CEO of Deutsche Bank in America, condemned the Capitol violence in a post last week on LinkedIn.

“Violence has no place in our society and the scenes we have witnessed are a disgrace to the whole nation,” she wrote. “We are proud of our constitution and stand by those who seek to uphold it to ensure that the will of the people is respected and that a peaceful transition to power takes place.”

Trump is being investigated by the Manhattan District Attorney and the New York Attorney General, and both agencies have called on the bank for its lending relationship with the company.

Investigators are investigating whether Trump deceived or deceived the lender by inflating the value of some of its assets, according to lawsuits.

– Kara Scanel and Chris Isidore contributed to the reporting.

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