As US Votes, Deutsche Bank Mulling Ending Ties With Trump: Report
Citing officials, a Reuters report said the bank is tired of the negative publicity owing to its ties with Trump.
As Election Day kicked off on Tuesday, 3 November, to choose the next president of the United States, a report has indicated that German multinational Deutsche Bank is considering ending its ties with current President Donald Trump.
Citing three senior bank officials, the Reuters report said the bank is tired of the negative publicity owing to its relationship with Trump.
As per the report, the bank has around $340 million in loans outstanding to the Trump Organisation, with over $2 billion having been lent to the US president over the course of several years.
A senior executive is cited in the report terming the investigations and the bad press associated with Trump as “serious collateral damage” from the relationship.
Several options have been considered for the bank to sever its ties with Trump. The result of the presidential election, in which Trump is pitched against Democratic rival Joe Biden, would also have a bearing on how the bank can move forward.
After four years of Trump's unusual presidency, the US is voting again to elect the next president, with the Republican fighting it out with Democrat Joe Biden.
With the election being held amid the coronavirus pandemic, a huge deal of uncertainty surrounds it, with questions being raised over when the results will actually be known, and concerns over whether Trump will relinquish office or not (in the event of his loss).
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