NYC cuts ties with Trump organization following Capitol riots

New York City will cancel all its contracts and sever all ties with the company, which are worth up to $17 million a year and include two ice skating rinks, a carousel and a golf course.
3:28 | 01/14/21

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Transcript for NYC cuts ties with Trump organization following Capitol riots
Back now with the financial fallout for president trump as he prepares to leave office as the only American president impeached twice in the wake of last week's capitol riot. Banks and other partners severing their ties with the trump organization and New York City canceled high-profile contracts and Rebecca Jarvis has the story. Reporter: One by one they fall, they are stepping away backing down like dominos here from banks to golf organizations to online companies, they are all saying, we are no longer in business with the trump family. This morning, New York City moving to terminate all its contracts with the trump organization following last week's riot at the capitol. In light of this criminal act, the city of New York has determined that it is within our power to terminate all contracts with the trump organization. Reporter: The city canceling contracts worth $17 million a year for two ice skating Rinks in central park, a Sarao sell and golf course. Eric Trump saying the city of New York has no legal right to end our contracts and if they elect to proceed they will owe the trump organization over $30 million. I the latest in a string of blows to the trump family's business empire. The PGA announcing it has canceled plans to host an upcoming championship at trump's It's become clear that conducting the PGA championship at trump bedminster would be detrimental to its brand. Reporter: The bank severing Deutsche Bank has decided to stop working with him in the future. The trump organization reportedly owes the German bank $340 million on three loans which are due in 2023 and 2024. Trump putting his name on casinos, vodka, steak, a fail add airline, even a board game. Because it's not whether you win or lose. It's whether you win. Reporter: "The apprentice" making him a household name and reportedly making him more than $400 million. You're fired. Reporter: But after he was elected, his name stripped from several hotels and condo menups in Manhattan. Mar-a-lago losing millions in revenue dropping from 25 million in 2017 to 21 in 2019. According to "Forbes," trump is actually worth a billion dollars less than he was on inauguration day. And if the trump organization can't find a way to reinstall some banking relationships or find new ones, this is the most costly question, George, if they can't make good on those loans, they could begin the banks -- the banks could begin seizing assets like the hotels and golf courses that the trump family does still own, George. Rebecca, the trump organization has had nine live, survived bankruptcies and lawsuits, but this time does feel different getting under threat from so many different fronts. Reporter: Yeah, that's right, this is the final straw for so many businesses that have frankly stood by his side through those bankruptcy, banks that even after the trump organization even after many of its businesses over the years have filed for bankruptcy, they have continued to come and back the president and his businesses, this appears to be the final straw, George.

This transcript has been automatically generated and may not be 100% accurate.

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