Deutsche Bank, Trump's Biggest Lender, Says It Will Not Do Business With Him

The Trump Organization received a setback on Tuesday when Deutsche Bank said it will not do business with U.S. President Donald Trump or his companies. The German multinational's decision was in the backdrop of last week's assault on the U.S. Capitol by Trump supporters.

According to a Reuters report, Deutsche Bank is Trump's most important lender, with about $340 million in loans outstanding to the Trump Organization. The Organization is run by his two sons. The story was originally reported by the NYT, which cited a person familiar with the bank's thinking.

Deutsche Bank
A statue is seen next to the logo of Germany's Deutsche Bank in Frankfurt Reuters

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A spokesman for Deutsche Bank declined to comment on Tuesday. The Trump Organization did not immediately respond to an email seeking comment outside normal business hours, and the White House press office did not answer the phone.

Christiana Riley, the head of the bank's U.S. operations, last week condemned last week's violence in a post on LinkedIn.

"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," she wrote.

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Reuters reported in November that Deutsche was looking for ways to end its relationship with Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties.

Halt on Political Funding

It was reported on Monday that Goldman Sachs, Citigroup and JPMorgan Chase joined the long list of companies that are planning to review and then halt all political contributions in the aftermath of the riots in the Capitol last week. The decision is in a bid to boycott Republican members who supported President Donald Trump's call to overturn the election results.

Ford, AT&T and Bank of America would be taking the actions of the lawmakers in consideration before deciding on whether to donate. CVS, Exxon Mobil, FedEx and Target are also reviewing their political giving. Also, tech giants like Twitter, Facebook and Amazon have taken steps to limit the spread of disinformation that could incite more violence.