Germany's biggest bank will avoid new commercial ties with outgoing U.S. President Donald Trump as it looks to wind down current business including more than $300 million in loans due in the next four years, The New York Times reported quoting a source familiar with the situation.
The newspaper said Deutsche Bank was one of several businesses and professional organizations that plan to shun Trump because of the blowback after his supporters stormed the U.S. Capitol Jan. 6.
The newspaper said another lender to Trump, Signature Bank, has moved to cut ties to his businesses which span commercial and residential real estate to golf resorts.
Deutsche Bank has had a decadeslong commercial relationship with Trump that included a lawsuit over a $640 million loan default for a Chicago skyscraper. The bank has not publicly announced a split with Trump and declined to comment on news stories.
But Christiana Riley, head of the bank's U.S. operations, condemned the violence at the capital.
"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 in a post on LinkedIn.
The Trump Organization, as holding firm overseen by sons Donald Jr. and Eric, is the main borrower from Deutsche Bank, according to reports. But Trump has also had dealings with its private banking through Rosemary Vrablic, a Deutsche Bank managing director and Trump's personal banker for nearly a decade.
She resigned from the bank in December after the completion of an internal investigation by Deutsche Bank in August 2020 into her $1.5 million purchase of a New York City apartment from a company partially owned by Jared Kushner, Trump's son-in-law, who was her client at the time.
In November, prosecutors from the Manhattan district attorney's office interviewed Deutsche Bank employees in a probe of the Trump Organization.
New York Attorney General Letitia James opened an investigation into Trump's financial dealings in early 2019. The investigation followed the conviction of Michael Cohen, Trump's former personal attorney, for federal campaign finance violations and tax evasion over a "catch-and-release" payment of $130,000 to silence former adult entertainer stage named Stormi Daniels who alleged an affair with Trump.
Cohen has testified before Congress the Trump Organization inflated the value of its assets to mislead investors and evade paying the correct taxes.
