Deutsche Bank & Signature Bank To End Business Dealings With Donald Trump
Two banks known for lending large sums to President Donald Trump, Deutsche Bank AG and Signature Bank, are cutting ties with the president and his family as a result of the violent pro-Trump mob that stormed the Capitol on Jan. 6.
Deutsche Bank has decided not to conduct any additional business with Trump or the Trump Organization. The bank has had a long relationship with Trump, serving as one of his first major lenders back when Trump was still considered a risky customer.
However, in recent months Trump’s relations with Deutsche, to whom he owes more than $300 million, appear to have deteriorated. The bank has been thrust into the Manhattan D.A.’s investigation of the Trump Organization’s finances, including allegations that they would inflate their assets to secure better rates.
The district attorney’s office has reportedly interviewed Deutsche Bank employees as part of their investigation. Additionally, two bankers Trump maintained close ties with have stepped down amidst the probe.
“Yesterday was a dark day for America and our democracy,” Deutsche Bank Americas head Christiana Riley wrote on LinkedIn following the Capitol attack. “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.”
Separately, Signature Bank announced last Monday that it is closing two personal accounts in which Trump held about $5.3 million. The bank is also calling on the president to resign ahead of Jan. 20.
The company has long served Trump and his family, even appointing his daughter Ivanka Trump to its board in 2011 — a position she stepped down from a few years later.
“We believe the appropriate action would be the resignation of the president of the United States, which is in the best interests of our nation and the American people,” the bank said in a statement, adding that they “have never before commented on any political matter and hope to never do so again.”
Signature Bank added that they will not do business with the 147 lawmakers who voted to overturn the results of the Electoral College.