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Capitol Hill riot fallout: Deutsche Bank and Signature Bank pulls back from doing business with Donald Trump

The fallout from last week's storming the Capitol Hill continues.

Following the storming of Capitol Hill, two of Donald Trump’s favoured banks have decided that they will no longer do business with the billionaire.

Deutsche Bank to desist from doing business with Trump

As reported by Bloomberg, Deutsche Bank AG would desist from being involved in further business with Trump and his company, said a person privy to the details of the matter on condition of anonymity. Trump currently owes more than $300 million to the Frankfurt-based bank.

The bank further noted that there was no other way to severe the relationship with Donald Trump before the loans become due in the next few years, other than forgiving the huge sum, The NYTimes reported.

Deutsche Bank has been associated with Trump since the late 1990s and had lent more than $2 billion in the two years to November 2020. According to the reports, the bank was growing weary of the serious collateral damage it was enduring from the bad press resulting from its relationship with the embattled US president.

Last month, Deutsche Bank had announced that Trump’s long time banker had resigned. Rosemary Vrablic was the point of contact between the US president and the German lender that lent hundreds of millions of dollars of loans to Trump’s company over the last several years. Because of the relationship, the lender was subjected to pressure and coercion for information during Trump’s presidency.

Signature Bank snaps ties with the outgoing US President Donald Trump

Besides Deutsche Bank, New York-headquartered Signature Bank, that has long catered to Trump’s family, announced that it is snapping ties with the US President while insisting that he must resign from his constitutional position. Signature is all set to close down two personal accounts in which Trump has held about $5.3 million, a spokesperson for the bank said.

“We believe the most appropriate action would be the resignation of the US President, which is in the best interests of our nation and the American people,” the bank said in a statement on Monday.

The suspension of ties with the US President comes on the heels of social media giants and other companies severing their relationship with Donald Trump after he spurred attendees at a rally to march on the Capitol, where they stormed the building and disrupted the certification of the electoral college vote. At least 5 people died in the ensuing chaos and its aftermath.

Signature Bank had close association not just with Trump but others close to him such Ivanka Trump, Jared Kushner and Michael Cohen. A decade ago, the bank appointed Ivanka on its board, but she resigned two years later.

“We have never before commented on any political matter and hope to never do so again,” the statement released by Signature Bank said. The bank further added it won’t do any business with the members of Congress who voted to disregard the electoral college.

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