FX.co ★ Banks cut ties with Trump

Large international banks no longer want to cooperate with incumbent US President Donald Trump. Among companies cutting ties with Trump are Deutsche Bank and Signature Bank.

It seems that Trump has been going through tough times lately. According to a source familiar with the situation, the soon to be ex-president owes Deutsche Bank some $300 million. In fact, the bank is ready to write off the debt just to break up the partnership as soon as possible. In view of these facts, it is hard to imagine what could have caused such a reaction.

One thing is clear, large banks do not want to ruin their reputation by cooperating with Trump and do not wish to see him even as an ordinary client. Signature Bank also decided not to do business with Trump. Notably, the bank helped finance Trump’s golf course in Florida and his daughter Ivanka previously sat on its board.

After deadly riots on Capitol Hill, the bank's management released an official statement, calling for Trump to step down as president. Signature Bank closed two personal accounts in which Trump held about $5.3 million. Since the storming of Capitol Hill and Trump’s ban from social networks, his business has been facing serious challenges.