Deutsche Bank Ends Cooperation With Donald Trump
Now banks also want to end their dealings with Donald Trump. After the deadly riots in the Capitol on Wednesday, several companies are pulling out of Trump and his companies. According to media reports, Deutsche Bank is said to have decided not to do any further business with Trump and his companies. The Bloomberg news service and the New York Times report this and name a person familiar with the matter as the source.
When asked, Deutsche Bank did not say whether it no longer wants to work with Donald Trump, his company or his family in the future. “We do not comment on this,” said the company. Deutsche Bank has done business with Trump for two decades. He owes the bank more than $ 300 million due over the next few years.
The New York Signature Bank openly announced that it would cut all ties and demanded his resignation. Signature, which has long been linked to his family, is closing two personal accounts Trump held about $ 5.3 million, a company spokesman said Monday. In a statement, the bank said, “We believe that the appropriate action would be for the President of the United States to step down, which is in the best interests of our nation and the American people.”
The lenders are following social media outlets and other firms suspending ties with the president after he encouraged attendees to march on the Capitol at an event last week. They then stormed the building and interrupted the official confirmation of Joe Biden as future President of the United States. At least five people died in and immediately after the chaos.
Last November there were media reports that Deutsche Bank is looking for a way to end its business relationship with Trump. Accordingly, the Frankfurt financial institution played through the possibilities of what a re-election of Trump would mean for his loans. In that case, the bank would have extended the term. Since Trump was not re-elected, this no longer matters. With Trump personally guaranteeing the loans, his assets could be confiscated if he cannot repay them.
Deutsche Bank announced last month that Trump’s longtime banker has resigned. Rosemary Vrablic, who worked in private banking, was responsible for the bank’s client relationships with Trump. Over the years, the credit institution had granted Trump hundreds of millions of dollars in loans. That relationship put the bank under pressure from politicians and prosecutors to release information during Trump’s presidency.
Deutsche Bank Ends Cooperation With Donald Trump - /10