Frankfurt-based Deutsche Bank — which has reportedly financed more than $340 million in loans for President Donald Trump’s Trump Organization — has reportedly cut ties with the president and will no longer do business with him.
New York-based Signature Bank, another Trump-favored lender, has also reportedly closed personal accounts connected with the president and has called for his resignation.
The moves come in the wake of the deadly Jan. 6 Capitol siege, carried out by extremist supporters.
House Democrats on Monday introduced an article of impeachment in connection to the attack on the Capitol.
What are the details?
On Monday evening, the New York Times reported that the bank will no longer do business with the president, who has a variety of outstanding loans that are due over the next few years.
“Deutsche Bank, which has been Mr. Trump’s primary lender for two decades, has decided not to do business with Mr. Trump or his company in the future, according to a person familiar with the bank’s thinking,” the outlet reported in a widely cited article. “Mr. Trump currently owes Deutsche Bank more than $300 million, which is due in the next few years.”
The Times added, “The bank has concluded that, short of forgiving the debt, it has no way to extricate itself from the Trump relationship before the loans come due.”
Reuters on Tuesday pointed to a recent LinkedIn post from Christiana Riley, who is head of Deutsche Bank’s U.S. operations, regarding the Capitol siege.
“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 according to the news organization.
In November, Reuters reported that the bank was seeking ways to distance itself from the president.
Bloomberg on Tuesday also reported that the lender decided “not to conduct any further business with Trump and his company,” citing two people with knowledge on the matter.
The outlet also reported that Signature Bank is closing two of Trump’s personal accounts — which purportedly held approximately $5.3 million — according to a bank spokesperson.
In a Monday statement, a spokesperson for Signature Bank said, “We believe the appropriate action would be the resignation of the President of the United States, which is in the best interest of our nation and the American people.”
The statement added, “We have never before commented on any political matter and hope to never do so again.”
The New York Times reported a spokeswoman for the bank, also said that Signature Bank announced that it “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”
The Trump Organization has yet to issue public comment on the reports at the time of this writing.