German Banking Giant Deutsche Bank Cuts Ties with President Trump: Report

Deutsche Bank AG has reportedly decided to cut ties with President Donald Trump as well as his private companies following the unrest at Capitol Hill last week.

The German lender has been joined by the New York-based Signature Bank, which also announced that it would be ending its business relationship with the President.

Bloomberg News reported on Tuesday that two insiders within Deutsche Bank — who remained anonymous ostensibly due to banking regulations — confirmed that the German banking giant would no longer conduct any further business with President Trump or his company.

There will still be some relationship between the bank and the President, however, as he reportedly owes Deutsche Bank some $340 million in outstanding loans. The bank has served as a lender for President Trump since the 1990s and has lent some $2 billion during their business relationship.