Deutsche Bank was Trump’s primary lender for two decades, and he owes the institution more than $300 million, according to the newspaper, which cited an unnamed source as saying the German lender “has decided not to do business with Mr. Trump or his company in the future.”
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The move comes on the heels of last week’s violent attack on the US Capitol by Trump supporters at the president’s incitement, and follows steps taken by other companies to cut ties with Trump and his businesses.
Christiana Riley, head of Deutsche Bank’s US division, called the violent siege on the Capital “a dark day for America and our democracy” in a post on LinkedIn last week.
“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,” Riley said.
“It is my hope that these shocking events will result in a reinvigoration of the principles our nation was built upon.”
Trump’s relationship with Deutsche Bank has sparked numerous probes in the United States, including in New York, where the Manhattan District Attorney is investigating whether Trump committed financial crimes as he sought loans.
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