Longtime Trump partner Deutsche Bank will no longer do business with him
There's no sign Deutsche plans to cancel the over-$300 million in loans to Trump and the Trump Organization due back in 2023 and 2024.
After years of tumultuous dealings with President Donald Trump and the Trump Organization, Deutsche Bank is moving to sever all ties with him in the wake of the insurrection at the Capitol Building.
According to a report from The New York Times, the German bank — Trump’s primary lender for more than 20 years — “has decided not to do business with Mr. Trump or his company in the future,” a source claims.
Trump and the Trump Organization still owe Deutsche more than $300 million in loans, which will come due in 2023 and 2024. There is no indication the bank plans to cancel those loans.
As previously reported, Reuters said an internal management committee had “discussed ways which it could rid the bank of these last vestiges of the relationship.” Ongoing U.S. federal and state investigations and their accompanying bad press have been labeled as “serious collateral damage” in Deutsche Bank’s relationship with the Trumps.
In August, Deutsche cooperated with the office of Manhattan District Attorney Cyrus Vance, who subpoenaed its officials for nearly a decade of Trump’s personal and corporate tax records, financial statements and other documents the Trump Organization gave them to secure their loans.
Another institution, the New York-based Signature Bank, has also declared it is severing ties with Trump. Additionally, they announced they “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”
These two banks are not the only business relationships fleeing from their association of the Trump brand.
The Professional Golfers’ Association of America announced on Sunday it would be moving one of its major PGA tournaments from one of Trump’s properties. The president was reportedly “gutted” by the decision, which came after years of negotiating for the organization to hold events at his courses.
“It has become clear that conducting the PGA Championship at Trump Bedminster would be detrimental to the PGA of America brand,” PGA of America President Jim Richerson said in a video statement.
The Trump Organization has hinted it may mount a legal challenge against the PGA, noting that moving the tournament would be “a breach of a binding contract.”
Other major companies like AT&T, Marriott and Coca-Cola have all released statements saying they are reviewing their contributions to various individual political action committees, particularly donations to congressional Republicans who, on Jan. 6, voted against the certification of President-elect Joe Biden‘s Electoral College victory over Trump in the 2020 election.