Business

2 of Trump’s biggest banking partners are severing ties with the president in the wake of the Capitol siege

capitol siege trump rambo
US President Donald Trump’s supporters gather outside the Capitol building in Washington DC on January 06, 2021.

  • Deutsche Bank and Signature Bank will cut ties with President Donald Trump in the wake of his supporters storming the Capitol, Bloomberg reported Monday.
  • “We believe the appropriate action would be the resignation of the president of the United States, which is in the best interests of our nation and the American people,” Signature said in a statement, citing the Bloomberg report.
  • The banks are among a number of companies — including Marriott, Blue Cross, and Shopify — that are nixing ties to the president in the wake of the Capitol siege.
  • Visit Business Insider’s homepage for more stories.

Two Trump-favored banks are severing ties with the president after his supporters stormed the Capitol on January 6, Bloomberg reported Monday.

Deutsche Bank will no longer do business with Trump and his company, a person familiar with the matter told Bloomberg. Signature Bank also ceased doing business with Trump and called for his resignation, according to a statement to Bloomberg.

“We believe the appropriate action would be the resignation of the president of the United States, which is in the best interests of our nation and the American people,” the bank said in the statement, citing the Bloomberg report.

“We have never before commented on any political matter and hope to never do so again,” Signature continued.

Read moreWe analyzed 23 memos from CEOs responding to the US Capitol riot. The most effective messages get personal.

Reuters first reported in November that Deutsche Bank was looking to drop Trump after the November election due to the negative publicity.

“Over the years the bank has become the biggest lender to the Trump Organization, the umbrella company for Trump’s hotels, golf resorts, and other businesses,” Business Insider’s Tom Porter reported.

Trump owes Deutsche Bank more than $300 million, and Signature Bank is closing two personal accounts holding about $5.3 million, according to the Bloomberg report.

The New York-based lender has also done business with others tied to Trump, including daughter Ivanka Trump, son-in-law Jared Kushner, and former Trump lawyer and fixer Michael Cohen.

The banks are joining a slew of companies – including Marriott, Blue Cross, and Shopify – that are nixing ties to the president in the wake of the Capitol siege, which left five people dead.

Representatives from the Trump Organization did not immediately respond to Insider’s request for comment.

Expanded Coverage Module: Capitol-Siege-Module

Read the original article on Business Insider

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