German Banking Giant Deutsche Bank Cuts Ties with President Trump: Report
- Deutsche Bank AG has reportedly decided to cut ties with President Donald Trump as well as his private companies following the unrest at Capitol Hill last week.
- The German lender has been joined by the New York-based Signature Bank, which also announced that it would be ending its business relationship with the President.
- Bloomberg News reported on Tuesday that two insiders within Deutsche Bank confirmed that the German banking giant would no longer conduct any further business with President Trump or his company.
- There will still be some relationship between the bank and the President, however, as he reportedly owes Deutsche Bank some $340 million in outstanding loans.
- Ahead of the presidential election, Reuters reported that the bank was “eager” to sever ties with the president, after being caught up in the Russia collusion narrative for years and being forced to testify in congressional hearings during the probe.
- Democrat Senator Elizabeth Warren said in November that she planned on continuing investigating the bank into the upcoming administration.
- On Monday, New York lender Signature Bank said that it would be closing two of President Trump’s personal accounts which hold some $5.3 million.
- According to UK’s Daily Telegraph, a spokesman for Deutsche Bank also said that it will refuse to do any business with members of Congress who backed the president in his fight against the certification of the electoral college vote.
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