Deutsche Bank dumps Trump

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Outgoing US President Donald Trump is facing a growing backlash for inciting the storming of the US Capitol in Washington last week. Picture: AP
Outgoing US President Donald Trump is facing a growing backlash for inciting the storming of the US Capitol in Washington last week. Picture: AP

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Deutsche Bank will not do business in the future with outgoing US President Donald Trump or his companies in the wake of his supporters’ assault on the US Capitol, the New York Times reported.

Deutsche Bank is Trump’s biggest lender, with about $340 million in loans outstanding to the Trump Organisation, the president’s umbrella group that is currently overseen by his two sons, according to Trump’s disclosures with the US Office of Government Ethics dated July 31 last year, plus banking sources.

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.
Christiana Riley, the head of Deutsche Bank’s US operations

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 spokesperson for Deutsche Bank declined to comment on Tuesday on the NYT report.

Read: Donald Trump to be charged with incitement to insurrection

The Trump Organisation 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 US operations, condemned the January 6 violence in Washington in a post on Linked-In 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.

The resignation of the president ... is in the best interests of our nation and the American people.
Signature Bank

Reuters reported in November that Deutsche Bank was looking for ways to end its relationship with Trump after the US elections, as it tires of the negative publicity stemming from the relationship.

Trump’s loans with Deutsche are for a golf course in Miami and hotels in Washington and Chicago.

Read: Trump exits Twitter to the sound of laughter

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 Trump in the wake of the Capitol storming.

Twitter and Facebook have shut down Trump’s social-media feeds. – Reuters


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