Deutsche Bank has become the latest major company to cut ties with Donald Trump, ending a two-decade lending relationship with the Trump Organization. The German bank's decision, reported by the New York Times, follows the deadly attack on the US Capitol by a mob of Trump supporters on Wednesday.
Deutsche Bank has been Trump's most important lender, with the Trump Organization owing about $340m in outstanding loans. After a series of bankruptcies in the 1990s, it was the only bank willing to lend to Trump. The relationship survived various scandals, including a 2008 lawsuit by Trump against the bank's real estate division after he defaulted on a $40m repayment.
The bank has resisted efforts by Democrats to explain its relationship with Trump and clarify whether Russian state banks underwrote some of his debts. However, the Capitol attack and the looming threat of a second impeachment trial appear to have prompted Deutsche's managers to terminate the association. A Deutsche spokesperson declined to comment.
Other major firms have also distanced themselves from Trump. Twitter and Facebook removed him from their platforms, with his Twitter account permanently suspended. Coca-Cola, Marriott, AT&T, Walmart and General Motors have suspended political donations, particularly to Republicans who promoted Trump's false election claims.
Several large US banks, including JPMorgan Chase, Goldman Sachs, Citigroup and Morgan Stanley, have suspended donations from their political action committees. Signature Bank, another Trump lender, closed his two personal accounts totalling $5.3m and called for his resignation. The PGA of America also cancelled its 2022 championship at Trump's New Jersey golf club, citing risks to its brand.
