Australian News

Australian news and media publication


Deutsche Bank will no longer do business with the US President. Donald trump, a move that will cut off your business from a major source of loans that once helped finance your golf courses and hotels.

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

The news, first reported by the New York Times, follows last week’s deadly riot at the United States Capitol.
Deutsche Bank will no longer do business with President Donald Trump, a move that will cut its business from a major borrower that once helped finance its golf courses and hotels. (EPA)

A Deutsche Bank spokesperson declined to comment with CNN Business, citing a ban on discussing potential customer relationships.

The move is the latest example of corporate backlash against the president after his supporters trashed the Capitol in a brazen assault that left five dead.

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

The US bank also said it “will not do business in the future with any member of Congress who has voted to ignore the Electoral College.”

Several companies are severing ties with outgoing US President Donald Trump. (Nine)

Trump has a checking account at Signature Bank, according to a 2019 financial disclosure filed with the U.S. 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.

Trump also has ties to other major banks.

The president had between $ 5 million and $ 25 million in checking and savings accounts at Capital One and between $ 500,000 and $ 1 million in accounts at JPMorgan Chase, according to the disclosure form.

Trump also posted up to $ 250,000 in a money market account at Bank United.

JPMorgan declined to comment.

A spokesman for Capital One said the bank does not discuss current or former customer relationships.

Bank United did not respond to a request for comment.

Deutsche Bank is being sued by Trump
Deutsche Bank is distancing itself from the president. (image alliance via Getty Image)

Trump’s disclosure forms indicated that he had up to $ 50,000 in a First Republic checking account.

However, a First Republic spokesperson told CNN Business that Trump’s account was inactive and is now closed. The bank declined to say when the account was closed.

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

The Trump Organization owes Deutsche Bank about $ 340 million over the next few years, said a person familiar with the bank’s thinking.

Trump did not request that Deutsche Bank lend more money, the person said.

Deutsche Bank’s loans to Trump and his companies total more than $ 2.5 billion, the New York Times reported in 2019.

Supporters of President Donald Trump's riots scale the west wall of the United States Capitol in Washington.
Supporters of President Donald Trump’s riots scale the west wall of the United States Capitol in Washington. (AP)

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

The president borrowed tens of millions of dollars for Trump National Doral, his golf course in South Florida.

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

It is unclear how Deutsche Bank will handle the loans once Trump has left the White House, especially with the hotel and hotel sector in sharp decline due to the pandemic. Loans are due in 2023 and 2024.

Late last month, the two Deutsche private bankers who worked most closely with Trump resigned from their positions.

Trump supporter Jake Angeli (right) confronts a police officer inside the United States Capitol building. (AP)

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

“Violence has no place in our society and the scenes we witness are a disgrace to the entire nation,” he wrote.

“We are proud of our Constitution and we support those who seek to defend it to ensure that the will of the people is respected and a peaceful transition of power takes place.”

The Trump Organization is under investigation by the Manhattan District Attorney’s office and the New York Attorney General, and both agencies have subpoenaed the bank about their credit relationship with the company.

Investigators are investigating whether the Trump Organization misled or defrauded the lender by inflating the value of some of its assets, according to court documents.


www.9news.com.au

Leave a Reply

Your email address will not be published. Required fields are marked *