The move is the latest example of corporate reaction against the president after his supporters vandalized the Capitol in a blatant attack that left five people dead.
On Monday, Signature Bank said it began to close Trump’s personal accounts and called for the president’s resignation. The American bank also said it “will not do business in the future with any member of Congress who voted against the Electoral College”.
Trump has a checking account at Signature Bank, according to a 2019 financial disclosure registered with the US Office of Government Ethics. A revocable trust in the name of the president also has a money market account at Signature Bank, according to the document.
The loss of future business with Deutsche Bank is potentially a much bigger blow. The German bank has lent the Trump Organization more than $ 300 million over the past decade, helping to finance several major real estate projects. There was no request from Trump for Deutsche Bank to lend more money, said a person familiar with the bank’s thinking.
Trump has several outstanding loans with Deutsche Bank, according to the president’s financial disclosure documents. The president lent tens of millions of dollars to Trump National Doral, his golf resort in South Florida. Deutsche Bank also provided loans to the Trump International Hotel and Tower in Chicago and the Trump International Hotel in Washington, which opened in 2016.
It is unclear how Deutsche Bank will manage the loans after Trump leaves the White House, especially with the hospitality and hospitality sector in sharp decline due to the pandemic. The loans are due in 2023 and 2024.
At the end of last month, the two Deutsche private bankers who worked more closely with Trump resigned from their positions.
“Violence has no place in our society and the scenes we witness are a shame for the entire nation,” she wrote. “We are proud of our Constitution and we support those who seek to defend it to ensure that the will of the people is maintained and a peaceful transition of power occurs.”
The Trump Organization is being investigated by the Manhattan district attorney’s office and New York’s attorney general, and both agencies have briefed the bank about its loan relationship with the company.
Investigators are investigating whether the Trump Organization cheated or defrauded the creditor by inflating the value of some of its assets, according to court documents.
– Kara Scannell and Chris Isidore contributed reports.