Deutsche Bank Will No Longer Do Business With President Trump
When it rains, it pours. Even on President Donald Trump.
Reportedly, Germany's largest bank, Deutsche Bank, has been looking for a way to cut ties with Trump and his company for awhile. According to Reuters, "The Trump Organization owes about $340 million in outstanding loans to the lender."
These loans were a primary source of funding for the Trump organization's hotels and golf courses.
Although there's not yet been an official statement from Deutsche Bank, one source told the New York Times "the bank, which has been Trump's primary lender for over two decades, will stop doing business with the outgoing president and his companies."
But it isn't just Deutsche Bank. Another financial institution that at one time had Ivanka Trump sitting on its board, Signature Bank, is rumored to have severed business relations with Trump, as well.
Although Deutsche Bank hasn't made public remarks criticizing the President specifically, Forbes reports that Christiana Riley, head of U.S. operations for the bank, did condemn what happened at the U.S. Capitol on January 6, which she implied was "perpetrated by Trump supporters."
Signature Bank has been more vocal in their criticism, even calling on Trump to resign.
But these aren't the only businesses or institutions who've ended relationships with Trump, his businesses, and/or members of his family.
The Professional Golfers' Association "dropped the Trump National Golf Club in Bedminster as the host of the prestigious 2022 PGA Championship Tournament," Forbes reports.
In addition, e-commerce platforms Shopify and Stripe have also disrupted funding to the Trump campaign.
Critics of the moves by these institutions feel using what happened on January 6 to sever relations with Trump as unfair retaliation--using corporate power to affect the political environment.
Which, many might counter-argue: Isn't this just the every day business of politics in a nation that allows PAC money as a matter of course?
Others support these moves as one of the catch-safes capitalism allows during times of instability, which some might say was manifest clearly on January 6 at the U.S. Capitol.