Deutsche Bank AG wants to end its relationship with President Donald Trump after the U.S. elections because of the negative publicity of bank due to the relationship with Trump organization.
The Trump organization which is managed by his two sons owe $340 million to the bank. According to the two bank officials, the three loans which are against Trump properties and they are due in two yearsare current on payments and personally guaranteed by the president. President Trump took more than $2 billion in loans over the years by the bank.
The officials of the bank are discussing the ways to get rid of the loans. One idea was to sell the loans in the secondary market. But the idea did not get any attraction because it was not clear who would want to buy the loans and associated problems that come with the loan.
The bank set up a working group back in 2016 to closely monitor its relationship with Trump and to end all its ties with the Trump organization. The Trump organization, Deutsche Bank and the white house refused to comment on this matter.
The German bank has been working with Trump since 1990 but has been dragged into several investigations and the bank also faced politician’s finances and alleged Russia connections charges.
One of the bank’s senior executive said that the bank reputation has been damaged seriously due to several political investigations and the bank’s chief executive Christian Sewing is trying to change its reputation and he wants to see the bank as a major Wall Street bank.
The bank’s future depends on the election results because if Democrats take control of the White House and Congress then the German bank has to face several investigations which were put on hold during Trump’s era. Deutsche Bank executives believe that if Trump Wins, the bank would get more freedom to deal with loans and to end their relationship with Trump.