Deutsche Bank considered Donald Trump a significant client, often referred to as a “whale,” actively seeking to establish and nurture a relationship that evolved from generating $13,000 in revenue to a substantial $6 million within two years. These revelations emerged from documents presented during the civil fraud trial against the former president on Wednesday.
The nature of Deutsche Bank’s interactions with Trump holds substantial importance in the lawsuit brought forth by New York Attorney General Letitia James. The lawsuit alleges that Trump, his company, and certain executives engaged in deceptive practices by presenting lenders and insurers with substantially inflated statements regarding the value of his assets. Deutsche Bank considered
The defendants steadfastly deny any wrongdoing, aiming to demonstrate that Deutsche Bank eagerly pursued Trump’s business and was not deceived but rather pleased by the association. This emphasis on the bank’s enthusiasm in cultivating ties with Trump is a focal point in the ongoing legal proceedings.
“In November 2011, then-bank managing director Rosemary Vrablic articulated, ‘We are whale hunting,’ to her colleagues as she initiated the process of establishing connections with Donald Trump and his family.”
At the time, the family was looking for a loan to buy the Doral golf resort near Miami. Over the next three years, Vrablic’s connection to the Trumps yielded loans for that project, then two others in Chicago and Washington, as well as multimillion-dollar deposits in the bank.
Her division’s revenue from Trump business shot up from about $13,000 in 2011 to a projected $6 million in 2013, according to a bank document prepared for the then-co-chairman, Anshu Jain, before a lunch with Trump in early 2013.
The briefing document suggested “key asks” for Jain to make: “Obtain more deposits and investment management assets,” and “strategically discuss leveraging Mr. Trump’s personal and professional network within the real estate industry in NY” for the bank’s benefit.