Deutsche Bank has announced it will no longer do business with Donald Trump and his companies, following his role in last week’s deadly riots at the US Capitol.
The decision marks the end of one of Trump’s longest standing business relationships, and means he will no longer have access to his most important lender. The Trump Organisation, which is overseen by Donald Trump Jr and Eric Trump, currently owes Deutsche Bank more than $300 million in outstanding loans, per The New York Times.
Deutsche Bank’s relationship with Trump has been a bumpy road. At one point several decades ago, Deutsche Bank was the only lender willing to do business with Trump following a series of bankruptcies, but in 2008 the Apprentice host turned on the company, suing them for $3 billion in compensation after accusing them of being responsible for the financial crisis, The Guardian reports.
According to Reuters, the lender has been exploring ways to extricate itself from Trump and his businesses since November, due in part to the negative publicity stemming from their association with him. Trump’s outstanding loans are reportedly for a golf course in Miami, and two hotels in Washington and Chicago.
Neither Deutsche Bank or the Trump Organisation have commented on the decision, but in a statement on LinkedIn following the riots, Deutsche Bank Americas executive Christiana Riley wrote, ‘Yesterday was a dark day for America and our democracy,’ adding that ‘we are proud of our Constitution and stand by those who seek to uphold it’.
The bombshell decision comes after another bank favoured by Trump and his family also announced they were closing their accounts with the president. Signature Bank, a New York-based lender, is believed to hold around $5.3 million in Trump’s money, and condemned the outgoing president in a statement announcing the decision, saying, ‘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’.
Over the past few days Trump has suffered several embarrassing rebukes from various businesses and organisations, but perhaps the most painful has come from the world of golf. On Sunday, January 10, the US Professional Golfers’ Association said it would no longer hold its 2022 PGA Championship at Trump’s New Jersey golf club, while the R&A, which runs the British Open golf tournament, also said it would no longer be considering Trump’s Turnberry golf course in Scotland for the tournament.