Scrutiny over Trump's presidency prompted bank to halt relationship
Deutsche Bank decided to stop doing new business with Donald Trump due to the "increased exposure" and "scrutiny" related to his being elected president, according to testimony from Deutsche Bank managing director Rosemary Vrablic.
"It was an unprecedented situation to have a customer who was going to become president of the United States," Vrablic said.
By the time Trump was elected, the bank had made three profitable loans to Trump, making a projected $6.8 million in revenue from Trump in 2014. Vrablic confirmed that by July 2015, Trump had $31 million in cash deposits with the bank, and his associated entities stored $86 million in cash deposits.
However, the scrutiny of Trump's presidency prompted the bank to decide not to increase its exposure, including declining to offer Trump a loan for his golf course in Turnberry, Scotland.
"He was president of the United States -- going to become president of the United States -- and the bank's position was they did not want to increase its exposure at that time," Vrablic testified.