- Deutsche Bank and Signature Bank will cut ties with President Donald Trump in the wake of his supporters storming the Capitol, Bloomberg reported Monday.
- “We believe the appropriate action would be to resign from the President of the United States, who is in the interests of our nations and the American people,” Signature said in a statement, citing the Bloomberg report.
- Banks are among a number of companies – including Marriott, Blue Cross and Shopify – linking up with the president in the wake of the Capitol siege.
- Visit the Business Insider website for more stories.
Two Trump-favored banks are severing ties with the president after his supporters stormed the Capitol on Jan. 6, Bloomberg reported Monday.
Deutsche Bank will no longer do business with Trump and his company, a person familiar with the matter tells Bloomberg. Signature Bank also stopped doing business with Trump and called for his resignation, according to a statement to Bloomberg.
“We believe that the appropriate action would be to resign from the President of the United States, who is in the interests of our nations and the American people,” the bank said in the statement, citing the Bloomberg report.
“We have never commented on any political issue before and hope to do so again,” Signature continued.
Read more: We analyzed 23 notes from CEOs responding to the U.S. Capitol uprising. The most effective messages become personal.
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Reuters reported in early November that Deutsche Bank looked set to drop Trump after the November election because of the negative publicity.
“Over the years, the bank has become the largest lender to the Trump Organization, the umbrella company for Trump’s hotels, golf resorts and other businesses,” Business Insiders reported Tom Porter.
Trump owes Deutsche Bank more than $ 300 million, and Signature Bank closes two personal accounts with approx. $ 5.3 million, according to the Bloomberg report.
The New York-based lender has also traded with others tied to Trump, including daughter Ivanka Trump, son-in-law Jared Kushner and former Trump lawyer and fixer Michael Cohen.
Banks join a number of companies – including Marriott, Blue Cross and Shopify – linking up with the president in the wake of the Capitol siege, which left five people dead.
Representatives of the Trump Organization did not immediately respond to Insider’s request for comment.
Extended coverage module: Capitol-Siege-Module