Donald Trump Jr, the eldest son of former President Donald Trump, cried foul after the sudden closure of his business account by a leading American bank in February 2021. The closure of the account, which belonged to the Trump Organization, was part of a wider crackdown by financial institutions that wanted to distance themselves from the former president and his family after the Capitol riot on January 6, 2021.
Don Jr, who runs the day-to-day operations of the Trump Organization, was outraged by the closure of his business account at Deutsche Bank, one of the largest lenders to the Trump family. He took to social media to express his frustration and anger, claiming that the bank had caved in to political pressure from the left.
In a tweet on February 18, 2021, Don Jr wrote, “WTF? Deutsche Bank just closed my personal account for no reason, they’ve had it for years but I guess because I’m the son of the current president guaranteed they’d get a great political story if they closed it right before the election… Sound plausible?”
He also retweeted a tweet from an account associated with QAnon conspiracy theorists, which read, “Deutsche Bank proves how corrupt they are, closing Don Jr’s account just because he is Trump’s son. We need to remove these corrupt elites from power.”
The Trump Organization claimed that Deutsche Bank had informed them that they would no longer do business with the company or the family in the future. Trump’s attorneys stated that the bank’s decision was driven by political motivation, particularly since the bank had previously denied rumors that it was ending its business relationship with the Trumps.
Despite the claims about political motivation, Deutsche Bank stated that its decision to close the accounts was part of a global review of its customers for compliance with anti-money laundering regulations. The bank claimed that it had no choice but to close the accounts after the Trump Organization failed to provide sufficient information about the source of its funds.
The closure of the account was a significant blow to the Trump Organization, as Deutsche Bank was the primary lender for most of the family’s real estate projects, particularly in the United States. According to public records, the bank had lent the Trump Organization over $2 billion since 1998.
The Trump Organization faced similar issues with other financial institutions that severed their business relationships with the family after the Capitol riot. Bank of America, the Trump Organization’s second-largest lender, also froze the business accounts of the family’s hotels and resorts. New York City’s mayor, Bill de Blasio, called on all banks to cut ties with Trump after the Capitol riot, warning that banks that did not distance themselves from Trump would be seen as “enabling” him.
The fallout from the Capitol riot and the subsequent closing of bank accounts also affected the Trump Organization’s ability to borrow money, refinance its loans, or attract new investment. The family’s flagship property, the Trump Organization’s tower in New York City, was already struggling financially before the pandemic hit. The family’s other investments, including the Trump Golf Club in Florida and the Trump Winery in Virginia, were also facing financial difficulties.
Apart from the business account closure, Don Jr faced personal challenges in his personal life. He and his ex-wife, Vanessa Trump, had divorced in 2018 after 12 years of marriage. Don Jr had subsequently dated Kimberly Guilfoyle, a senior adviser to his father’s campaign, amid rumors of infidelity. In early 2021, rumors circulated that the couple had broken up, although Don Jr denied the rumors.
The closure of his bank account and other issues had taken a toll on Don Jr, who had spent most of his adult life in the public spotlight. He had previously worked as an executive vice president in his father’s company and had played a leading role in his father’s presidential campaign in 2016.
Despite the setbacks, Don Jr remained firmly committed to preserving his father’s legacy and advancing the family’s business interests. He used his social media accounts to promote his father’s policies and criticize the mainstream media for its coverage of the Trumps. He also undertook speaking engagements and wrote a book about conservative values and the future of the Republican Party.
In conclusion, the closure of Don Jr’s business account was a significant setback for the Trump Organization, which was already facing financial difficulties before the Capitol riot. The closure of the account was part of a wider crackdown by financial institutions that wanted to distance themselves from the Trump family due to political pressure and concerns about money laundering. Despite the setbacks, Don Jr remained committed to promoting his father’s legacy and advancing the family’s business interests. However, the closure of the account and other issues had taken a toll on him, leading to speculation about his personal and professional future.