- Two of the banks Donald Trump does business with are pulling away from him
- Deutsche Bank AG will not do any further business with Trump or his company
- Trump still owes the German lender more than $300 million in loans
- Bank felt its reputation would be harmed by a continued association with Trump
- New York lender Signature Bank is cutting ties while pressing for his resignation
- Signature is closing two personal accounts in which Trump held $5.3 million
- The breakaway is occurring in the wake of last week's deadly riot at the U.S. Capitol and months of Trump claiming the election was a fraud
Deutsche Bank AG is to sever all ties with President Trump and the Trump organization according to a source with knowledge of the sudden business decision.
But the bank will still be forced to deal with the Trump family and their employee for some time to come with outstanding loans of more than $300 million yet to be repaid.
The decision by the German bank follows a glut of social media companies and other firms which are suspending links with the President following last week's rally at the Capitol which left five people dead.
A second, smaller lender, Signature Bank which is based in New York, has also said it is to cut ties while pushing for the president's resignation.
Signature has said it is closing two personal accounts in which Trump holds around $5.3 million.
Two of the banks Donald Trump does business with are pulling away from him. Trump is pictured last week at the 'Save America' rally
Deutsche Bank AG will not do any further business with Trump or his company, although Trump still owes the German lender more than $300 million in loans. Pictured the headquarters of Deutsche Bank in Frankfurt, Germany
Supporters of U.S. President Donald Trump gather in front of the U.S. Capitol Building in Washington before the riots Wednesday
In November, Deutsche Bank said that Trump's longtime banker had resigned.
Rosemary Vrablic, an employee in the private banking division, oversaw the approval of hundreds of millions of dollars in loans to Trump's company over several years.
The relationship meant the bank came under pressure from lawmakers and prosecutors looking for information during Trump's presidency.
As of November, Deutsche Bank had about $340 million in loans outstanding to the Trump Organization, currently overseen by his two eldest sons according to Bloomberg.
The money comprises of three loans which are against Trump properties and start coming due in two years. The loans are current on payments and personally guaranteed by the president, according to two bank officials.
In November, Deutsche Bank said that Trump's longtime banker had resigned. Rosemary Vrablic, an employee in the private banking division, oversaw the approval of hundreds of millions of dollars in loans to Trump's company over several years. Vrablic is pictured with the president's son-in-law Jared Kushner
The loans, which are against Trump's golf course in Miami, and hotels in Washington and Chicago, are such that the Trump Organization has only had to pay interest on them so far, and the entire principal is outstanding. They come due in 2023 and 2024, the filings show.