Trump's longtime banker resigned in December after she failed to disclose a real estate deal involving a client

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Natasha Dailey
·2 min read
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deutsche bank
A Frankfurt branch of Deutsche Bank pictured in 2015. Frank Rumpenhorst/picture Frank Rumpenhorst/picture alliance via Getty Images
  • Trump's former banker Rosemary Vrablic was ousted after not disclosing a real estate deal: NYT.

  • Vrablic resigned from her managing director position at Deutsche Bank in December.

  • Deutsche worked with Trump until January, when the bank cut ties.

  • Visit the Business section of Insider for more stories.

Donald Trump's contact at Deutsche Bank, who resigned in December, was actually ousted after failing to disclose a real estate transaction involving a client, according to an internal review submitted to the Financial Industry Regulatory Authority.

The new filings, first reported on by the New York Times, revealed the banker, Rosemary Vrablic purchased property from a "client-managed entity." That deal involved a firm called Bergel 715 Associates. Jared Kushner, Trump's son-in-law, holds a stake in the company, according to the Times, citing Kushner's financial disclosures.

Initial reports said Vrablic, a managing director, had resigned, but the filings revealed she was permitted to leave following the investigation.

Her December 31 departure followed an internal investigation that began months earlier and looked into her private financial dealings, including a 2013 purchase of a Park Avenue apartment for $1.5 million.

Read more: Here's what Deutsche Bank's org chart looks like after this year's massive restructuring and 18,000 job cuts

At the time of the Park Avenue deal, the former president and Kushner were carrying $200 million in loans from Vrablic's division specifically, the Times reported. Trump owes Deutsche Bank close to $340 million in all.

The bank eventually became the most consequential financial institution for Trump in the latter part of his business career, as no other banks would lend to him. Deutsch Bank in January severed ties with the former president following the deadly January 6 siege on the US Capitol, although the bank had been mulling ending its relationship with Trump since late last year, Reuters reported. Signature Bank also stopped doing business with the former president, Bloomberg first reported.

Read the original article on Business Insider