Banks, business partners cut Trump Org ties after Capitol attacks

Signature Bank called for President Trump’s resignation

National /
Jan.January 12, 2021 10:15 AM
President Donald Trump (Getty)

President Donald Trump (Getty)

President Donald Trump’s family business is facing mounting challenges after last week’s violent attack in Washington, D.C., as banks, business partners and political allies seek to distance themselves from the president.

New York City said it is “reviewing whether legal grounds exist” to exit its business deals with the Trump Organization, the Washington Post reported. The Trump name is on the carousel and two ice-skating rinks in Central Park, as well as the Ferry Point golf course in the Bronx.

A spokeswoman for Mayor Bill de Blasio said the city is reviewing its business relationships after a mob of Trump supporters stormed the U.S. Capitol.

The Trump Organization removed the president’s name from the two ice-skating rinks in 2019, though it did not provide an explanation for the change.

The fallout from Wednesday’s mob attack is also affecting Trump personally: Signature Bank said on Monday that it would close Trump’s personal bank accounts, which held about $5.3 million, the New York Times reported. In a statement, the bank also called for Trump’s resignation.

Trump Organization also faces pressure from its longtime lender Deutsche Bank, which has said it will not do business with the president in the future. The lender holds about $340 million of the firm’s debt.

In the wake of last week’s attack, the e-commerce company Shopify shut down online stores tied to the president. On Sunday, PGA of America said it would not allow the Trump National Golf Club in Bedminster, New Jersey, to host the 2022 PGA Championship.

The commercial brokerage JLL also dropped its involvement to sell Trump’s Washington, D.C., hotel, although it was not clear if that was connected to the events in D.C.

Day-to-day operations of the Trump Organization were handed over to his sons Donald Jr. and Eric in 2016, after Donald Trump was ushered into the Oval Office. Since then, the company has mostly been focused on selling its assets.

In addition to the financial fallout, the company also faces an investigation by Manhattan District Attorney Cyrus Vance, who is probing Trump and his company for potential crimes. New York Attorney General Letitia James is conducting a civil investigation into Trump’s business, exploring whether it overvalued its assets to secure financing and tax breaks.

[Washington Post, NYT— Keith Larsen


Related Articles

arrow_forward_ios
More companies are keeping their offices, but are downsizing those spaces to allow employees to work remotely part-time. (iStock)
Office landlords offer discounts to lock in leases
Office landlords offer discounts to lock in leases
Jocelyne Wildenstein and her Trump World Tower apartment. (Getty, Realtor)
Jocelyn Wildenstein’s Trump World Tower condo sells but may need facelift
Jocelyn Wildenstein’s Trump World Tower condo sells but may need facelift
Brookfield Property Partners' Brian Kingston and Brookfield Asset Management's Bruce Flatt (Brookfield)
Brookfield taking pandemic-hit real estate arm private
Brookfield taking pandemic-hit real estate arm private
Allen Weisselberg and Manhattan District Attorney Cy Vance (Getty)
Feds subpoena Trump CFO’s personal bank records
Feds subpoena Trump CFO’s personal bank records
JPMorgan Chase CEO Jamie Dimon, Salesforce CEO Marc Benioff and PricewaterhouseCoopers US Chairman Tim Ryan (Getty, PwC)
Subleases up 40% across US as companies ditch space
Subleases up 40% across US as companies ditch space
The first season of The Real World was set in this iconic Broadway loft. (Brown Harris Stevens, MTV Vault via YouTube)
Huge Soho loft seen on “The Real World” goes in contract
Huge Soho loft seen on “The Real World” goes in contract
Jenna Ryan (Twitter.com/DotJenna)
Broker who stormed Capitol apologizes as she is charged
Broker who stormed Capitol apologizes as she is charged
Donald Trump and Rosemary Vrablic (Getty/Illustration by Kevin Rebong for The Real Deal)
Real estate deal prompted resignation of Trump’s longtime banker
Real estate deal prompted resignation of Trump’s longtime banker
arrow_forward_ios

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

Loading...