Thursday, September 28, 2023

Deutsche Bank Shuts Down Business With Trump Following Assault On Capitol Hill: NYT | Business and economic news

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The German bank is Trump’s largest lender, with around $ 340 million in loans outstanding to the Trump Organization, the president’s umbrella group.

Deutsche Bank has decided to cut business with Donald Trump and his companies, joining the chorus of corporate and social media firms distancing themselves from the president in the wake of the aggression on the US Capitol which killed five people.

Quoting someone familiar with the thinking of the bank, the news was reported by The New York Times on Monday.

The German bank is Trump’s largest lender, with about $ 340 million in outstanding loans to the Trump Organization, the president’s umbrella group currently overseen by his two sons, according to Trump’s revelations to the U.S. Bureau of the government ethics dated July 31 of last year as well as banking sources.

The move comes as Signature Bank, where Trump’s ethical 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 spokesperson for Deutsche Bank declined to comment on the NYT report on Tuesday.

The Trump organization did not immediately respond to an email from the Reuters news agency requesting comment outside normal business hours, and the White House press office did not answer the phone.

Christiana Riley, head of US operations at Deutsche Bank, condemned the January 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 U.S. election, as it grew weary of the negative publicity flowing from those relationships.

Trump’s loans with Deutsche are for a golf course in Miami and hotels in Washington and Chicago.

The president was berated by the professional golf world this week, with the Professional Golfers’ Association of America and the Royal and Ancient Golf Club both announcing that they would avoid two Trump-owned courses after the Capitol assault.

Twitter and Facebook shut down Trump’s social media.


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