Deutsche Bank, Signature Bank Say They Won’t Lend To Trump Anymore
The political fallout for President Donald Trump after a mob of his supporters stormed the U.S. Capitol last week is still unfolding, but the backlash against his business has been swift.
Deutsche Bank will no longer work with Trump or his company, The New York Times reports, citing a source. The bank has been the top lender to the president and his businesses, and Trump owes it more than $300M. Deutsche is aware that forgiving the debt would be the only way it could fully cut ties with brand Trump in the next few years, the Times reports.
Signature Bank, a regional New York lender, has publicly called on the president to resign and has issued a statement announcing Signature “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”
The bank helped fund Trump’s Florida golf course, but Signature spokesperson Susan Turkell told the Times the bank has already begun closing Trump’s personal accounts.
The banks backing away from Trump follows PGA of America’s announcement Sunday that the 2022 PGA Championship will not be played at Trump National Golf Club Bedminster in New Jersey. The PGA president said hosting the tournament there would be too damaging to the association’s brand.
The Trump Organization was already facing a slew of challenges in the current environment. At Trump’s hotel in Chicago, the hotel’s managing director predicted it could be nine years before operations returned to 2019 levels, The Washington Post reported in October.
In April and May, the Trump Organization’s resorts and golf courses laid off more than 1,000 people, according to The Real Deal. And over the last few years, many buildings with Trump branding have steadily worked to erase the name and cut all ties with the business. Trump SoHo became The Dominik in 2017 and saw its revenues jump after the rebrand. All traces of the Trump name were removed in 2019 from high-rises he built on Manhattan’s Upper West Side. The residents had argued the name on the building caused a security risk.
Condo owners at Trump International Hotel and Tower at Columbus Circle claimed the same year that the name was pulling down their property values, and the signage was adapted to use the building's address, 1 Central Park West.
However, the Trump Organization said it will now be pursuing overseas branding deals.
“There has never been a political figure with more support or energy behind them than my father,” Eric Trump, who is leading the Trump Organization while his father is in the White House, said in a statement to the Times. “There will be no shortage of incredible opportunities in real estate and beyond.”
House Democrats introduced an article of impeachment Monday over Trump’s role in the insurrection last week, and the House plans to vote Tuesday evening to officially request that Vice President Mike Pence invoke the 25th Amendment and strip Trump of his presidential duties.