Over the past 24 hours, both Deutsche Bank and Signature Bank have made the decision to end their business relationships with the outgoing president — a potentially massive blow to Trump’s business future as they were among the last banks willing to lend money to Trump and his family for their various businesses.
Deutsche Bank’s move to sever its relationship with Trump will send a shiver through Trump and his inner circle. Trump owes the troubled German lender more than $300 million and his primary contact at the bank, Rosemary Vrablic, left Deutsche in late December, leading many to speculate that the bank was preparing to dump Trump.
The Deutsche decision was first reported by Bloomberg (paywall), and the bank declined to comment to The Post.
New York-based Signature confirmed to The Post that it has begun the process of closing Trump’s two personal accounts at the $5 billion bank and “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”
Signature also posted a scathing statement to its homepage excoriating Trump for his role in the mob attack on Congress that left five people including a police officer dead.
“We have never before commented on any political matter and hope to never do so again,” the statement reads before going on to say that the bank’s leadership has been horrified by the violence in Washington. “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.
“At this point in time, to ensure the peaceful transition of power, 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.”
Trump’s bad bank news comes as other major banks and corporations are pulling their financial support from the president and his allies in the wake of Wednesday’s mob attack.
Additional reporting by Noah Manskar