Deutsche Bank, the German lender that has been Donald Trump's primary financial backer for two decades, has reportedly decided to sever ties with the former president following last week's deadly attack on the US Capitol. The move, first reported by the New York Times, adds to a growing list of corporations distancing themselves from Trump.
The Trump Organization owes Deutsche Bank approximately $340 million in outstanding loans. Despite a history of scandals, including Trump suing the bank in 2008 after defaulting on a $40 million repayment, Deutsche had continued to support him. However, the events of January 6, when a mob of Trump supporters stormed the Capitol, appear to have been the breaking point.
Other major banks, including JPMorgan Chase, Goldman Sachs, Citigroup, and Morgan Stanley, have also announced suspensions of political donations. Signature Bank, another key lender to Trump, said it was closing his personal accounts and called for his resignation. The bank stated that Trump encouraged rioters and failed to call in the National Guard to protect Congress.
In addition to financial institutions, social media platforms Twitter and Facebook have permanently suspended Trump's accounts. Companies such as Coca-Cola, Marriott, AT&T, Walmart, and General Motors have halted political donations, particularly to Republicans who supported Trump's false claims of election fraud.
The PGA of America also decided to cancel its 2022 championship at Trump's New Jersey golf club, citing potential damage to its brand. The Trump Organization called the decision a breach of contract and expressed disappointment.
