Trump's longtime Deutsche Bank private banker and her close colleague abruptly resign

(Image credit: Andrew Caballero-Reynolds/AFP via Getty Images)

last updated 23 December 2020

Rosemary Vrablic, a managing director and senior banker in Deutsche Bank's wealth management division, has resigned, effective Dec. 31, Vrablic and Deutsche Bank said Tuesday. Vrablic became President Trump's private banker at the German lender in 2011, at a time when Trump was having difficulties borrowing money due to his history of defaulting on loans. Trump's son-in-law and senior adviser Jared Kushner, already a client of Vrablic's, introduced her to Trump.

"The reasons for Ms. Vrablic's abrupt resignation were not clear," The New York Times reports. But Deutsche Bank in August opened an internal investigation into a real estate deal in which Vrablic and a longtime colleague at the bank, Dominic Scalzi, invested in an apartment building partly owned by Kushner. Scalzi is also resigning at the end of the year.

The status of the internal review is unclear, the Times reports. But the relationship between Trump and Deutsche Bank is the subject of congressional, civil, and criminal investigations, including a criminal inquiry by the Manhattan district attorney. Vrablic is not among the handful of Deutsche Bank employees questioned by New York investigators yet, but her lawyer told CNN that "Ms. Vrablic is committed to cooperating with the authorities if asked."

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Deutsche Bank has been exploring how it can end its heavily scrutinized relationship with Trump, Reuters reports. But for Trump, his "key contacts at his biggest financial backer are leaving at a perilous time for the departing president," the Times reports. "He owes Deutsche Bank about $330 million, and the loans come due in 2023 and 2024. Mr. Trump provided a personal guarantee to get the loans, meaning that if he fails to pay them back, the bank can pursue his personal assets."

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.