Deutsche Bank, President Donald Trump’s biggest lender, said it will cut off business with him and his company following last week’s Capitol Riot, The New York Times reports.
The bank decided not to do any more business with Trump or his company, a source told the Times, which noted that the president owes the bank more than $300 million over the next few years.
“The bank has concluded that, short of forgiving the debt, it has no way to extricate itself from the Trump relationship before the loans come due,” the Times reported.
Signature Bank, which helped Trump finance his Florida golf course, is also cutting ties with Trump and issued a statement calling on him to resign “in the best interests of our nation and the American people.”
A Signature spokesperson said the bank decided it also “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”
The bank said it is closing Trump’s personal accounts, which hold about $5.3 million.
NYC threatens to cut off contracts:
New York City is also considering ending its contacts with Trump’s businesses and “reviewing whether legal grounds exist” to get out of its contracts to run a carousel, two ice rinks, and a golf course in city parks, The Washington Post reports.
“The attacks on our Capitol killed a police officer, left four rioters dead, exposed lawmakers to COVID-19 and threatened the constitutional transfer of power. They were a national abomination,” said Laura Feyer, a spokeswoman for Mayor Bill de Blasio. “We’re reviewing whether legal grounds exist in light of these new circumstances to terminate concessions with the Trump Organization.”
Other companies dump Trump:
The PGA announced it would no longer hold a major event at Trump’s New Jersey golf course.
Shopify and Stripe said they would no longer process payments for Trump’s online stores and his campaign.
Trump also faces a looming impeachment in the House and could potentially face legal liability for his role in fomenting last week’s Capitol riot.