Deutsche Bank has severed ties with U.S. President Donald Trump, as his global eminence continues to wane over role in a fatal riot at the Capitol last week.
The embattled U.S. leader had come under fire for encouraging his supporters to march to the Capitol building to disrupt the certification of the electoral college vote, resulting in at least five deaths.
The German multinational investment bank has said it will no longer do business with Mr. Trump and his company, Bloomberg reported citing sources.
The Frankfurt-based lender, which has been a long-time creditor to the Trump Organisation, has also reportedly resolved to forfeit more than $300 million owed by the outgoing U.S president, the media outlet said.
Insider sources, however, told Reuters that the German bank which has provided facility in excess of US$2 billion to Mr. Trump in the last two years, could no longer put up with the “bad press” and “serious collateral damage” emanating from its alliance with the controversial U.S. leader.
Sources told the newspaper that Deutsche Bank became wary of its business dealings with President Trump after U.S. Senator Elizabeth Warren demanded an enquiry into the bank’s provision of “special financial favors” to the Trump organisation, which she queried could be influencing the president’s policies.
Deutsche Bank’s decision to cut business ties with Mr. Trump follows a similar move by New York-based commercial bank Signature, which has closed two personal accounts of the U.S. leader worth $5.3 million, its spokesperson said Monday.
American-owned social networking apps Facebook and Twitter had also indefinitely suspended President Trump’s accounts, with Facebook likely to review his ban after a successful transition of power to President-elect Joe Biden on January 20.