Deutsche Bank, the primary lender to President Donald Trump, plans to cut business ties with the commander in chief as fallout continues to mount over last week’s deadly riot at the U.S. Capitol, according to several sources.
The Trump Organization, which is overseen by the president’s sons Eric and Don Jr., reportedly owes about $340 million to the financial investment services company based in Frankfurt, Germany, according to The New York Times. Deutsche did not release details of how the company plans to move the loans in order to move forward.
Christiana Riley, who oversees the bank’s U.S. operations, condemned last week’s violence in a post on LinkedIn, the Times reported.
“We are proud of our Constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place,” she wrote.
The bank had already announced in November that it was seeking ways to break ties with Trump following the November election, citing negative publicity from Trump’s continuous efforts to overturn the 2020 election.
Liberal and conservative voices in Washington and elsewhere have widely condemned Trump for inflaming his supporters for months with false claims that widespread voter fraud got Joe Biden elected and cheated him out of a second term.
As a result, rioters violently stormed the Capitol on Jan. 6 to overthrow a joint session of Congress voting to confirm Biden’s Electoral College victory. The ballots reportedly had to be rushed out of Senate chambers to be saved from the angry mob.
Five people died during the insurrection, and dozens of arrests are underway nationwide for those who participated in the attack.
After the Capitol uprising, Signature Bank — where Trump holds checking and money market accounts — called for the president to resign before his term ends Jan. 20.
“The resignation of the president ... is in the best interests of our nation and the American people,” Signature Bank said on its website.
Deutsche holds the loans for a Trump golf course in Miami and hotels in Washington and Chicago, according to CNBC.
Among other rebukes since the riots, most social media companies including Facebook and Twitter have banned the president from their platforms — which had been Trump’s preferred way of communicating with his supporters. The PGA has also canceled plans to hold a major golf tournament next year at Trump’s golf course in Bedminster, New Jersey.
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