Deutsche Bank, one of President Donald Trump’s main lenders, plans to distance itself from its best-known client in the wake of last week’s Capitol insurrection, creating a new threat to Trump’s finances once he leaves office.
The German bank will no longer do business with Trump or his company going forward, according to a person familiar with the matter. Trump owes the bank more than $300 million.
Separately, New York’s Signature Bank said it is closing Trump’s personal accounts and calling for his resignation. The bank is pledging to no longer do business with any members of Congress who objected to the certification of President-elect Joe Biden’s election last week.
"To witness a rioter sitting in the presiding chair of the U.S. Senate and our elected representatives being told to seek cover under their seats is appalling and an insult to the Republic," Signature Bank said in a statement. "We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty."
The moves by Trump’s banks are the clearest signs yet of looming financial blowback to his business empire as he leaves office facing widespread repudiation for stoking the Jan. 6 mob attack that disrupted Biden’s election certification. A growing number of major financial institutions and other corporations have spoken out against the events and announced plans to cut off financial support for Republican officials.
Deutsche Bank’s break with Trump follows years of intense public scrutiny and litigation triggered by its association with the president. After winning control of the House majority in 2018, Democrats launched an investigation into the bank’s dealings with Trump, issuing subpoenas that sparked a legal battle all the way to the U.S. Supreme Court.
Deutsche Bank declined to comment on its relationship with Trump. The New York Times earlier reported the bank’s decision to stop doing business with the president.
The Trump Organization did not immediately respond to a request for comment. The White House also did not respond.
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