Trump Dropped by Biggest Lender Deutsche Bank for Future Business: NYT

Deutsche Bank 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 – 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 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 have shut down Trump’s social-media feeds.

(Reporting by Tom Sims; Editing by Louise Heavens and Pravin Char)

Responses

  1. So Trump won’t be able to roll over his debt, it seems. Look forward to Trump going bankrupt in 2021, folks. And plenty of indictments and court trouble, civil, state, and federal. And all his kids are looking at ruined careers. Probably a divorce coming, too. We oughta dig up some dead Greeks so they can write a play about him.

    1. His Majesty’s royal loans don’t come due for, what, two years? In that time, he can try to source new funds. If they are stupid enough, $20-25 from each Cult-45 member would go a long way to bailing him out, right? 😀

  2. THIS is one of the best news days in recent memory. It says so much about our corrupt political system!

    King Donald The Loser’s whole life is starting to fall apart. His “elite” life is crumbling. He is going to be so toxic and isolated, a pariah, that he and his whole family will never be able to recover to where they were when this whole mess began, in 2015.

    They all didn’t think beyond the “now”. They could not forsee beyond the present. Unintended consequences.

    Major corporations are declining to make donations to BOTH parties, now (don’t feel bad, they will be back at the trough, soon). His Majesty is being shunned. Friends can’t be seen to be anything like “close” with him. There is the “before” the insurrection and the “after” the insurrection in history now, and it is so delicious to see this banquet of great news!

    1. While corporations cutting back on donations is a good thing, the move is really pretty cynical. First of all they are mostly doing this for six months at a time when they can’t possibly be any further away from another election. If they can’t donate / bribe the politions already in their pockets openly, all they have to do is direct their money to super PACs where their money disappears in a big black hole that nobody can trace.

      Corrupt political life continues as usual.