Trump’s longtime banker resigns from Deutsche Bank

President’s family firm received $2B in loans from the German lender over the years

National /
Dec.December 22, 2020 02:35 PM
Rosemary Vrablic with clients Jared Kushner and President Donald Trump (Getty, iStock)
Rosemary Vrablic with clients Jared Kushner and President Donald Trump (Getty, iStock)

President Donald Trump’s personal banker at Deutsche Bank has resigned.

Rosemary Vrablic, who worked in the private banking division, will step down at the end of the year, along with her division colleague Dominic Scalzi, the New York Times reported.

Deutsche Bank began lending to Trump in the 1990s, but Vrablic is credited for growing that relationship when Trump’s son-in-law, Jared Kushner, connected the two in 2011. That created tension within the bank, particularly because Trump had defaulted on a loan in 2008, according to the publication.

The relationship with Trump also prompted scrutiny from lawmakers and prosecutors seeking information on the president’s business practices. The lender signaled in November that it would sever ties with the president. A bank official at the time called the inquiries into Trump’s business “serious collateral damage.”

In total, Deutsche Bank has lent the Trump Organization more than $2 billion and still has about $340 million in outstanding debt with the firm.

In August, Deutsche Bank said it was conducting an internal review of a Manhattan apartment purchase made by Vrablic and Scalzi from a company partially owned by Kushner. To avoid conflicts of interest, banks typically restrict employees from doing personal business with clients.

[Bloomberg News] — Georgia Kromrei


Related Articles

arrow_forward_ios
From left: Robert Zangrillo, Geoff Palmer, Tom Barrack and President Donald Trump (Getty, iStock)
Trump’s people claim Geoff Palmer and Tom Barrack backed Zangrillo pardon
Trump’s people claim Geoff Palmer and Tom Barrack backed Zangrillo pardon
From left: Jeff Worthe, Joyce Rey, Geoff Palmer, Jaime Lee and Frank Gehry (Credit: Alberto E. Rodriguez/Getty Images, Jonathan Leibson/Getty Images, Grant Smith/Construction Photography/Avalon/Getty Images)
Here are LA’s real estate players who donated to Biden and Trump in 2020
Here are LA’s real estate players who donated to Biden and Trump in 2020
Twin 44-story Century City Plaza Towers
Hines, JPMorgan asset arm nab $1.2B refi on Century City office twin towers
Hines, JPMorgan asset arm nab $1.2B refi on Century City office twin towers
From left: Jason Segel, Donald Trump, Shaun White White, and Dr. Dre (Credit: Getty Images)
This week in celeb real estate: Trump leaves Beverly Hills, Dr. Dre buys in Pacific Palisades… and more
This week in celeb real estate: Trump leaves Beverly Hills, Dr. Dre buys in Pacific Palisades… and more
Donald Trump has sold his home in Beverly Hills (Credit: Getty Images, and Google Maps)
Trump Org sells off Beverly Hills home
Trump Org sells off Beverly Hills home
Gavin Newsom, Donald Trump and a rendering of the train
Trump derails $929M in funding for the bullet train, jeopardizing construction
Trump derails $929M in funding for the bullet train, jeopardizing construction
Deutsche Bank CEO Christian Sewing, Hackman Capital CEO Michael Hackman and a rendering of Culver Studios
Hackman just got more financing for its mega-expansion of Culver Studios
Hackman just got more financing for its mega-expansion of Culver Studios
Donald Trump and Sam Zell (Credit: Getty Images)
Zell on Trump: President’s tax documents showing massive losses “don’t tell much of a picture”
Zell on Trump: President’s tax documents showing massive losses “don’t tell much of a picture”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...