Deutsche Bank, Signature Bank drop business with Trump

Deutsche Bank, Signature Bank drop business with Trump
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Deutsche Bank and Signature Bank will no longer do business with US President Donald Trump following the deadly riots at the Capitol last week.

On Monday, Signature Bank said it had begun closing the personal accounts of Trump while Deutsche Bank announced that it will stop doing business with the president and his company in the future.

The banks’ decisions were made following last week’s violent protests at the US Capitol.

Breakdown of business relationships

When Signature Bank closed Trump’s accounts, it also called for the president’s resignation. Additionally, the American bank said it “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”

Based on a 2019 financial disclosure filed with the US Office of Government Ethics, President Trump has a checking account at Signature Bank. The filing also specified a revocable trust under his name with a money market account at the bank.

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Meanwhile, Deutsche Bank’s decision might have a bigger impact on the president as the German bank has lent the Trump Organization over $300 million over the past decade to fund several major real estate projects.

These projects include the golf resort Trump National Doral in Florida, the Trump International Hotel and Tower in Chicago and the Trump International Hotel in Washington.

According to a New York Times 2019 report, Deutsche Bank has lent Trump and his companies more than $2.5 billion. The German Bank has not specified how it will handle Trumps loans, which will mature in 2023 and 2024, once the president has vacated his position.

Deutsche Bank’s top executive in the Americas, Christiana Riley, posted last week on LinkedIn: “Violence has no place in our society and the scenes that we witnessed are a shame on the whole nation. We are proud of our Constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place.”

US businesses taking stand against Trump

The Business Roundtable, comprised of chief executive officers (CEOs) from major US firms, last week slammed US politicians for spreading the “fiction of a fraudulent 2020 presidential election.”

In a statement, the group said: “After the unconscionable and tragic events we witnessed, it could not be clearer that it is time for the nation and lawmakers to unite around President-elect Biden and Vice President-elect Harris.”

Aside from statements against the violence and Trump’s claim of election fraud, several tech firms have taken action against the president.

Twitter announced the permanent suspension on President Trump after it initially suspended his account for 24 hours following violent protests by his supporters on the US Capitol.

Twitter said: “After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence.”

Prior to Twitter’s announcement, Facebook decided to extend its ban on Trump for the rest of his term. In a blog post, chief executive officer (CEO) Mark Zuckerberg said Facebook and Instagram will ban Trump from posting for at least the remainder of his term in office.

Meanwhile, social media app Parler has been removed by Amazon, Apple and Google from their platforms in a span of just over 24 hours.

PGA of America President Jim Richerson announced that the 2022 PGA Championship will not be held at Trump National Golf Club Bedminster in New Jersey.

In a written statement, Richerson said: “The PGA of America Board of Directors voted tonight to exercise the right to terminate the agreement to play the 2022 PGA Championship at Trump Bedminster.”

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