Adding insult to injury: Deutsche Bank joins list of companies punishing Trump

January 13, 2021 02:18 PM AEDT | By Kunal Sawhney

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Adding insult to injury: Deutsche Bank joins list of companies punishing Trump

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Summary

The German bank has been a long-time lender to the companies owned by US President Donald Trump.

Corporates are increasingly taking a solid stance against the outgoing President in light of deadly Capitol Hill riots.

German banking major Deutsche Bank has joined the list of companies blacklisting US President Donald Trump. It is being reported that the bank no longer intends to do business with the outgoing President.

Source: Megapixl^TM

Mr Trump is facing another impeachment after his alleged role in the recent Capitol Hill riots in Washington, DC. The corporate community is increasingly getting concerned with the President’s behaviour post US Presidential Elections results.

The move by the German bank follows a series of bans on the US President by social media companies. According to reports, the bank has been doing business with Trump’s companies for decades.

It is speculated Trump companies owe over US$300 million to the German bank. Business entities are increasingly isolating Trump. E-commerce company Shopify, which sells Trump branded goodies, also closed the President’s store.

Source: Megapixl^TM

The ban by the social media companies is being debated across the world. The President’s golf club was also stripped off the 2022 PGA Championship hosting rights.

Signature Bank also reported that it ceased providing services to the President in light of the Capitol Hill riots. Leading companies have also decided to stop donations to the President.

Large US banks, including JP Morgan, Citibank, Goldman Sachs, Morgan Stanley, have also reportedly suspended political donations.

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