Long-Time Backer Deutsche Bank Cuts Ties With Donald Trump Following Capitol Riots
Deutsche Bank has become another major brand to cut ties with Donald Trump and his business operations as the fallout over the Capitol riots continues.
The New York Times said the German bank is distancing itself from the US President after he was accused of inciting a mob of diehard supporters to storm the building in Washington D.C.
Deutsche Bank has been one of Trump's biggest financial supporter over the last several decades, especially during his suspected bankruptcies.
However, Trump muddied the waters when he sued the bank for $3 billion in compensation and accused them of being responsible for the financial crisis.
The decision to cut ties comes at a time when The Trump Organisation, which is taken care of by Donald Trump Jr and Eric Trump, owes the bank roughly $340 million in outstanding loans, according to the Guardian.
But Deutsche isn't the only bank that is severing its relationship with the outgoing US President.
New York's Signature Bank is not only closing Trump's personal account with him, but they are also calling for him to resign.
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"To witness a rioter sitting in the presiding chair of the U.S. Senate and our elected representatives being told to seek cover under their seats is appalling and an insult to the Republic," Signature Bank said in a statement.
"We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty."
The Bank of America said it would be reviewing how they make political donations in the next election cycle following the Capitol riots.
Citibank revealed in an internal memo that it would also be will suspending it political action committee (PAC) contributions for three months.
Shopify has closed two online stores that are connected to Trump's organisation and his campaign, and the Professional Golfers' Association of America won't host the 2022 PGA Championship at Trump National Golf Club.
Featured Image Credit: PA
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