Trump Owes Deutsche Bank $340 Million As Company Cuts Ties With President

SectorFinancial Services
CountryMiddle east

Deutsche Bank has reportedly become the latest company to sever ties with President Donald Trump, ending a tricky two-decade relationship in which it faced scrutiny over its role as a lender to the Trump Organization.The bank declined to comment when contacted by Newsweek on Tuesday about reports it would no longer do business with Trump or his company, as the fallout continues from the riots in the U.S. Capitol last week that the president is accused of stoking. Newsweek has also contacted the Trump Organization for comment.The decision, which sources familiar with the bank's thinking revealed to The New York Times and CNN, follows news that Signature Bank, the New York lender that served Trump's family, would also close two personal accounts in which Trump held about $5.3 million.A number of other businesses, including Comcast, Shopify and Hallmark, have also distanced themselves from Trump.Deutsche Bank sign is seen on August 24, 2020 in Berlin, Germany. The bank is reportedly cutting its ties with the Trump Organization, following last week's storming of the U.S.

Capitol. Jeremy Moeller/Getty Images The checkered relationship between the German bank and Trump goes back to 1998 when it loaned the future president around $425 million to finance renovations more...