Deutsche Bank has become the latest big company to cut ties with Donald Trump, with the firm that has supported the Trump organization for two decades allegedly announcing that it will no longer do business with the disgraced president.
The move by the German bank – reports the New York Times – follows the deadly attack on the American Capitol building on Wednesday by a crowd of Trump supporters. The number of corporations distancing themselves from Trump is now turning into an avalanche.
Deutsche Bank was Trump’s most important moneylender. The Trump Organization, ahead of its two older sons, owes the bank about $ 340 million in outstanding loans. After a series of bankruptcies in the 1990s, it was the only bank willing to give Trump money.
The relationship has survived various scandals. In 2008, Trump sued the bank’s real estate division after refinancing a $ 40 million loan, which was used to fund the construction of the Trump International Hotel and Tower in Chicago. He accused Deutsche of co-causing the financial crisis and demanding $ 3 billion in compensation.
Instead of dumping him as a client, Deutsche’s private wealth division joined and lent him more money to pay off the existing debt. Deutsche resisted the attempts of Democrats in the House and the Senate to explain his relationship with Trump – and to explain whether Russian state banks or entities endorse some of his debt.
But the bloody events of last week and the looming threat of a second indictment apparently finally persuaded Deutsche’s executives to end their engagement with Trump. A Deutsche spokesman on Tuesday declined to elaborate and told the Guardian: ‘We do not want to comment. ‘
It is unclear whether the decision extends to other members of the Trump family. The president’s daughter Ivanka Trump and son-in-law Jared Kushner are both Deutsche clients.
In recent days, Twitter and Facebook have removed Trump from their platforms, with Trump’s Twitter account permanently suspended. Leading companies, including Coca-Cola, the Marriott hotel chain and AT&T, have said they will suspend political donations.
The companies said they would no longer give money to Republican representatives who promoted Trump’s false claim that the November election was hampered and that Trump ‘won’. In the past, they have donated to candidates from both parties.
Several of the largest banks in the US have said they will also suspend donations from their political action committees. These include JPMorgan Chase, Goldman Sachs, Citigroup and Morgan Stanley. According to Reuters, Deutsche wanted to end his ties with Trump since November, after getting tired of negative publicity.
“We are proud of our constitution and stand by those who want to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place,” Christina Riley, head of Deutsche’s US operations, said in the past. week written about LinkedIn.
Another of Trump’s major lenders, Signature Bank, has said it will close its two personal accounts, with a combined deposit of $ 5.3 million. The New York bank previously funded Trump’s Florida golf course. Ivanka Trump sat on his board.
The bank has asked Trump to stop. “We have witnessed the President of the United States encouraging the rioters and not calling on the National Guard to protect Congress in the performance of its duties,” the statement said.
“At this time, in order to ensure the peaceful transition of power, we believe that the resignation of the President of the United States, who is in the best interests of our country and the American people, will be resigned.”
The American Professional Golf Association said Sunday it will no longer hold its championship in May 2022 at Trump’s New Jersey Golf Club. His decision to scrap the agreement with the Trump organization reportedly left Trump “fed up”.
“It has become clear that running the PGA Championship at Trump Bedminster will harm the PGA or America brand, and jeopardize the PGA’s ability to deliver our many programs and sustain the life of our mission “” Jim Jimerson, its president, said in a video statement.
The Trump organization responded Sunday, saying, “We had a wonderful partnership with the PGA of America and were incredibly disappointed with their decision. This is a breach of a binding contract, and they have no right to terminate the agreement. ”
The decision not to use Trump’s resort to host the second of four major tournaments on the tour’s calendar was a huge loss for a president who emphasized his portfolio of golf courses and time – too much, his critics say. – on the track was office.