Deutsche Bank Halts Business With Trump
DEUTSCHE BANK WON'T DO ANY MORE BUSINESS WITH TRUMP
(CNN) – Germany’s biggest bank says it is cutting ties with president Donald Trump.
A person familiar with the bank’s thinking told CNN Business, Deutsche Bank has decided not to do any future business with Trump and his company.
It’s a move that will cut off a major source of Trump’s loans.
The bank lent the Trump organization more than $300 million over the past decade, helping to fund Trump’s golf courses and hotels.
The Trump Organization is under investigation by the Manhattan District Attorney’s Office and New York Attorney General
both agencies have subpoenaed Deutsche Bank about its lending relationship with the company.
According to court filings, investigators are looking into whether the Trump organization misled or defrauded the lender by inflating the value of some of its assets.
Late last month, the two private bankers at Deutsche who worked most closely with Trump resigned their positions.