The move is the latest example of the company’s response to the president after his supporters destroyed the Capitol in a brutal attack that killed five people.
On Monday, Signature Bank said it had begun closing Trump’s personal accounts and calling for the president to step down. The US bank also said it “will not conduct future business with members of Congress who voted to ignore the Electoral College.”
Trump has a checking account with Signature Bank, according to a 2019 financial disclosure filed with the U.S. Office of Government Ethics. A revocable trust in the name of the president also has a money market account with Signature Bank, according to the filing.
The loss of future business with Deutsche Bank may be a much bigger blow. The German bank has lent the Trump Organization more than $ 300 million over the past decade, funding several large real estate projects. There was no request from Trump to Deutsche Bank to borrow more money, the person familiar with the bank’s thinking said.
According to the president’s financial disclosure documents, Trump has several outstanding loans with Deutsche Bank. The president has borrowed tens of millions of dollars for Trump National Doral, his South Florida golf resort. 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 is not clear how Deutsche Bank will handle the loans once Trump leaves the White House, especially as the hotel and hospitality industry is in sharp decline due to the pandemic. The loans will mature in 2023 and 2024.
At the end of last month, the two private bankers at Deutsche who worked most closely with Trump resigned their positions.
“Violence has no place in our society and the scenes we witnessed are an embarrassment to the entire nation,” she wrote. “We are proud of our constitution and we stand behind those who strive to ensure that the will of the people is upheld and a peaceful transfer 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 sued the bank over its lending relationship with the company.
Investigators are investigating whether the Trump organization misled or defrauded the lender by increasing the value of some of its assets, court documents said.
– Kara Scannell and Chris Isidore contributed to reporting.