Powerful International Bank Cuts Financial Ties With Trump Over Riot

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Amidst nationwide and even global outcry over the recent violence at the U.S. Capitol, Deutsche Bank reportedly decided recently that it will do no new business with outgoing President Trump. Over the years, Deutsche Bank has provided major funding for the Trump family business totaling around $2.5 billion, according to a 2019 report from The New York Times. Deutsche Bank does not appear to have publicly commented about their decision to draw their relationship with the Trump Organization to a close; instead, CNN based their report on the subject on “a person familiar with the bank’s thinking.” The New York Times also reported the news.

Trump has “several outstanding loans with Deutsche Bank, according to the president’s financial disclosure documents,” CNN reports, apparently including money that the bank provided in support of at least three Trump properties, including his golf club in south Florida, his high-rise in Chicago, and his controversial hotel in Washington D.C., which is housed in the Old Post Office building. CNN notes that it’s “not clear how Deutsche Bank will handle the loans once Trump has left the White House, especially with the hotel and hospitality business in steep decline due to the pandemic.”

In the meantime, investigators in New York recently subpoenaed records from the bank covering their work with the Trump Organization as part of investigations led by New York state Attorney General Letitia James and Manhattan District Attorney Cy Vance, who are looking at financial issues involving the Trump Organization. Other corporate opposition to Trump following the violence that he incited at the Capitol emerged from Signature Bank, where Trump — at least until recently — had a checking account and a money market account, the latter of which was under the name of the Donald J Trump Revocable Trust, which holds assets from Trump’s business. Signature Bank said on Monday that it was moving to close Trump’s personal accounts in response to the deadly Capitol violence.

In the wake of the violence, D.C. Attorney Karl Racine (D) recently suggested that he could bring criminal charges against Trump, Donald Trump Jr., Rudy Giuliani, and Rep. Mo Brooks (R-Ala.) over their role in inciting the riot, which put the lives of top leaders in danger. Among other comments, at an outdoor event in D.C. shortly before the storming of the Capitol, Giuliani called for “trial by combat,” clearly helping whip the mob of Trump supporters into a frenzy.