Deutsche and Signature banks cut ties with Trump following riot on Capitol Hill Business

Two of Donald Trump’s favorite banks are pulling out of billionaire president following last week’s deadly riot on Capitol Hill.

Deutsche Bank has decided to refrain from continuing its business with Mr. Trump and his company, according to insiders. Mr. Trump owes the Frankfurt-based lender more than $ 300 million.

Signature Bank, the New York lender who has long taken care of his family, said it was closing two personal accounts in which Mr. Trump held around $ 5.3 million.

“We believe the appropriate action would be the resignation of the President of the United States, which is in the best interests of our nation and the American people,” the bank said.

Lenders are following social media and other businesses to suspend relations with Mr. Trump after encouraging participants at a rally last week to march on the Capitol, where they stormed the building and halted certification of the vote of the electoral college. At least five people have died in the chaos and its immediate aftermath.

Signature has served Mr. Trump and his associates, including his daughter Ivanka, her husband Jared Kushner and former advisor Michael Cohen. In 2011, the bank appointed Ivanka to its board of directors, but she resigned a few years later. The New York Times reported the link cut earlier on Monday.

“We have never commented on a political issue and hope to never do so again,” Signature said.

The bank will no longer do business in the future with any member of Congress who voted to ignore the Electoral College, a spokesperson said.

Deutsche Bank said last month that Mr Trump’s longtime banker had resigned.

Rosemary Vrablic, who worked in the private banking division, helped manage Mr. Trump’s relationship with the bank, with the German lender having lent Mr. Trump’s company hundreds of millions of dollars in loans over several years.

This relationship put pressure on the lender from lawmakers and prosecutors to obtain information during Trump’s presidency.