The move is the latest example of corporate backlash against the president after his supporters vandalized the Capitol in a shameless attack that left five people dead.
On Monday, Signature Bank said Trump’s personal accounts had begun to close and asked the president to resign. The US bank also said it would “not do business in the future with members of Congress who voted to disregard the Electoral College.”
Trump has a checking account with Signature Bank, according to a 2019 financial disclosure filed with the U.S. Office of Government Ethics. A revocable trust in the president’s name also has a money market account at Signature Bank, according to the submission.
The loss of future business with Deutsche Bank is possibly a much bigger blow. The German bank has lent more than $ 300 million to the Trump organization over the past decade, helping to finance several major real estate projects. The person familiar with the bank’s thinking did not ask Deutsche Bank to borrow more money.
Trump has several outstanding loans from Deutsche Bank, according to the president’s financial disclosure documents. The president has lent ten million dollars to Trump National Doral, his golf course in southern Florida. Deutsche Bank also provided loans for the Trump International Hotel and Tower in Chicago and the Trump International Hotel in Washington, which opened in 2016.
It is not clear how Deutsche Bank will handle the loans once Trump leaves the White House, especially with the hotel and hospitality industry in sharp decline as a result of the pandemic. The loans expire in 2023 and 2024.
Late last month, the two private bankers at Deutsche, who had the closest collaboration with Trump, resigned their position.
“Violence has no place in our society and the scenes we have seen are a disgrace to the whole nation,” she wrote. “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.”
The Trump organization is being investigated by the Manhattan District Attorney’s Office and the New York Attorney General, and both agencies have sued the bank over its lending relationship with the company.
Investigators are investigating whether the Trump organization misled or defrauded the money lender by inflating the value of some of its assets, according to court documents.
– Kara Scannell and Chris Isidore reported.