Deutsche Bank AG has reportedly decided to cut ties with President Donald Trump as well as his private companies following the unrest at Capitol Hill last week.
The German lender has been joined by the New York-based Signature Bank, which also announced that it would be ending its business relationship with the President.
Bloomberg News reported on Tuesday that two insiders within Deutsche Bank — who remained anonymous ostensibly due to banking regulations — confirmed that the German banking giant would no longer conduct any further business with President Trump or his company.
There will still be some relationship between the bank and the President, however, as he reportedly owes Deutsche Bank some $340 million in outstanding loans. The bank has served as a lender for President Trump since the 1990s and has lent some $2 billion during their business relationship.
The day after the events at the Capitol, the head of Deutsche Bank Americas, Christiana Riley wrote on LinkedIn: “Yesterday was a dark day for America and our democracy.”
“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 added.
Ahead of the presidential election, Reuters reported that the bank was “eager” to sever ties with the president, after being caught up in the Russia collusion narrative for years and being forced to testify in congressional hearings during the probe.
Democrat Senator Elizabeth Warren — who serves on the Senate’s banking committee — said in November that she planned on continuing investigating the bank into the upcoming administration.
“You bet I’m going to continue to fight for accountability and strong enforcement of our banking laws, especially for giant institutions like Deutsche Bank,” she said.
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