Deutsche and Signature banks cut ties with Trump in wake of Capitol riot

Two of Donald Trump’s favoured banks are pulling away from the billionaire president in the wake

Two of Donald Trump’s favoured banks are pulling away from the billionaire president in the wake of last week’s deadly riot at the US Capitol.

Deutsche Bank has decided to refrain from further business with Mr Trump and his company, according to insiders. Mr Trump owes the Frankfurt-based lender more than $300m.

Signature Bank, the New York lender that has long catered to his family, said it was closing two personal accounts in which Mr Trump held about $5.3m.

“We believe the appropriate action would be the resignation of the president of the United States, which is in the best interests of our nation and the American people,” the bank said.

The lenders are following social media outlets and other companies in suspending ties with Mr Trump after he encouraged attendees at a rally last week to march on the Capitol, where they stormed the building and interrupted the certification of the electoral college vote. At least five people died in the mayhem and its immediate aftermath.

Signature has served Mr Trump and associates including his daughter Ivanka, her husband Jared Kushner and former adviser Michael Cohen. In 2011, the bank appointed Ivanka to its board, but she stepped down a couple of years later. The New York Times reported the cutting of ties earlier on Monday.

“We have never before commented on any political matter and hope to never do so again,” Signature said.

The bank will not do business in the future with any members of Congress who voted to disregard the electoral college, a spokesman said.

Deutsche Bank said last month that Mr Trump’s longtime banker resigned.

Rosemary Vrablic, who worked in the private banking division, helped manage Mr Trump’s relationship with the bank as the German lender lent hundreds of millions of dollars of loans to Mr Trump’s company over a number of years.

That relationship subjected the lender to pressure from lawmakers and prosecutors for information during Trump’s presidency.