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Deutsche Bank won't do any more business with Trump

January 12, 2021. Summarized by summa-bot.

Compression ratio: 63.2%. 2 min read.

Deutsche Bank will no longer do business with President Donald Trump, a move that will cut off his business from a major source of loans that once helped fund his golf courses and hotels.

London (CNN Business)Deutsche Bank will no longer do business with President Donald Trump, a move that will cut off his business from a major source of loans that once helped fund his golf courses and hotels.

Germany's biggest bank has decided to refrain from future business with the president and his company, a person familiar with the bank's thinking told CNN Business.

A spokesperson for Deutsche Bank (DB) declined to comment to CNN Business, citing a prohibition on discussing potential client relationships.

On Monday, Signature Bank said it had started closing Trump's personal accounts and called for the president to resign.

Trump has a checking account at Signature Bank, according to a 2019 financial disclosure filed with the US Office of Government Ethics.

A revocable trust in the president's name also has a money market account at Signature Bank, according to the filing.

The loss of future business with Deutsche Bank is potentially a much bigger blow.

The German bank has lent the Trump Organization more than $300 million over the past decade, helping to finance several major real estate projects.

There was no request from Trump for Deutsche Bank to lend more money, the person familiar with the bank's thinking said.

Total lending by Deutsche Bank to Trump and his companies totals more than $2. 5 billion, the New York Times reported in 2019.

Trump has several outstanding loans with Deutsche Bank, according to the president's financial disclosure documents.

Deutsche Bank has also provided loans for the Trump International Hotel and Tower in Chicago and the Trump International Hotel in Washington, which opened in 2016.

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.

Christiana Riley, Deutsche Bank's top executive in the Americas, condemned the violence at the Capitol in a post last week on LinkedIn.

The Trump Organization is under investigation by the Manhattan District Attorney's office and New York Attorney General and both agencies have subpoenaed the bank about its lending relationship with the company.

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