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

EconomyJan 12, 2021 05:10AM ET
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© Reuters. FILE PHOTO: Germany's Deutsche Bank headquarters are pictured in Frankfurt

FRANKFURT (Reuters) - Deutsche Bank (DE:DBKGn) will not do business in the future with U.S. President Donald Trump or his companies in the wake of his supporters' assault on the U.S. Capitol, the New York Times reported.

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

The move, reported by the NYT and citing a person familiar with the bank's thinking, comes as Signature Bank (NASDAQ:SBNY) - where Trump's ethics disclosures show he has checking 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 spokesman for Deutsche Bank declined to comment on Tuesday on the NYT report.

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

Christiana Riley, the head of Deutsche Bank's U.S. operations, condemned the Jan. 6 violence in Washington in a post on LinkedIn (NYSE:LNKD) last week.

"We are proud of our Constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and 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. 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 R&A both announcing they would shun two courses owned by the President in the wake of the Capitol storming.

Twitter and Facebook (NASDAQ:FB) have shut down Trump's social-media feeds.

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

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Comments (4)
Kelly Mayer
Kelly Mayer Jan 12, 2021 7:43AM ET
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Trump needs Deutsche or lenders in general because... ? You do know lending companies line up to get Trump to accept their products, don't you? They profit massively in the long run, Trump is a billionaire, you know? This news is like, someone walking up to Jesus and offering themselves to perform a miracle for him. Makes perfect sense.
Mister Burns
Mister Burns Jan 12, 2021 7:43AM ET
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If you do business with Deutsche it's because no one else will touch you. They funnel *****money , read some history
Zack Persie
Zack Persie Jan 12, 2021 6:57AM ET
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The bank is trying desperately to distance itself from Trump knowing investigations into anything related to Trump will intensify very soon. This bank has lots of dirty dealings with Trump.
joe balone
joe balone Jan 12, 2021 6:57AM ET
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Proof please?
Ad Cline
Ad Cline Jan 12, 2021 6:57AM ET
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Joe-according to the European business press, one investigation in Europe is on the Bank and the Trump Business organizations relationship with Russian money. Trump is screwed. The Financial Times would be a good place for you to start.
QUENCH Spotter
QUENCH Spotter Jan 12, 2021 6:08AM ET
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Deutsche Bank needs to read the transcripts of jan6th and those of Kalama Harris insisting the riots. my opinion Deutsche Bank has made a publicly known mistake
Kristof Naessens
Kristof Naessens Jan 12, 2021 3:39AM ET
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A bank who just got fined 150 million dollars for all kinds of shady business will take the morally high ground!
Peter O Neill
Peter O Neill Jan 12, 2021 3:39AM ET
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Trump just pardoned his in law who was convicted and barred from doing business due to corruption. O ye and incited a riot which attacked the heart of American democracy where 5 people died??
 
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