In an unprecedented move, two major banks have announced they will refuse to do business with President Trump, and will shut down accounts he holds with them.
Bloomberg News reports that the German based Deutsche Bank, and the New York based Signature Bank are both refusing to do further business with Trump following the events of last week at the Capitol.
Signature issued a statement noting that they believe Trump should resign from office.
“We believe the appropriate action would be the resignation of the president of the United States, which is in the best interests of our nation and the American people,” the statement from Signature Bank declared.
Trump holds two accounts with the bank, according to reports, with over 5 million dollars invested in them.
The bank says it will now close those accounts, and will also refuse to do business with any elected representative who voted to disregard the electoral college vote count.
“We have never before commented on any political matter and hope to never do so again,” the bank also stated.
Deutsche Bank, with which Trump has loans of around $340 million outstanding, has decided to sever ties with the President, after almost 20 years of doing business with him.
Last month, two private bankers at Deutsche who had worked most closely with Trump resigned their positions.
While there has been no formal statement concerning Trump, Deutsche’s head of U.S. operations Christiana Riley spoke out against the Capitol unrest last week, stating on LinkedIn that the bank stands only with Americans who support a ‘peaceful transition of power.’
“Violence has no place in our society and the scenes that we witnessed are a shame on the whole nation,”Riley wrote, adding “We are proud of our Constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place.”
The relationship between Trump and Deutsche has been strained for some time, with ongoing investigations by the Manhattan District Attorney’s office and New York Attorney General seeing subpoenas issued to the bank.
Court filings have revealed that investigators are looking for any evidence that the Trump Organization misled or defrauded the lender by inflating the value of some of its assets.
The actions of the two banks against Trump are part of a larger ongoing purge by the corporate and tech elite.