Rosemary Vrablic

Rosemary Vrablic
Nationality American
Alma mater
Occupation private banker
Known for "Trump's personal banker"
Title managing director and senior private banker, Deutsche Bank U.S.

Rosemary Vrablic is an American banker, managing director and senior private banker of Deutsche Bank's US private wealth management (PWM) business.

Early life

Vrablic grew up in New York,[1] the daughter of Joseph S. Vrablic (died 7 April 2005) and Bernice Vrablic.[2] She has a bachelor's degree from Fordham University and an MBA from Pace University.[3]

Career

Vrablic began her career in private banking in 1989.[1] Prior to joining Deutsche Bank in 2006, Vrablic had worked for Bank of America Private Bank and Citigroup.[3][4]

Trump began working with Deutsche Bank in 1998, securing a loan for renovations at 40 Wall Street and a $300 million loan for Trump World Tower.[5] Trump borrowed $640 million from the bank for Trump International Hotel and Tower in Chicago, offering a $40 million personal guarantee.[5] After the 2008 financial crisis Trump was unable to make loan payments, so he sued the lender for $3 billion in damages, alleging "Deutsche Bank is one of the banks primarily responsible for the economic dysfunction we are currently facing".[5] Deutsche Bank responded by suing Trump to collect on the loan.[5]

Vrablic's wealth management unit at Deutsche Bank then loaned Trump the money he needed to pay the bank's real estate division.[5] She then gave him another loan on the Chicago project.[5]

In 2013, Vrablic was managing assets valued at $5.5 billion on behalf of about 50 clients, 40% of whom had made their money in real estate.[1] Her clients include Herbert Simon, the billionaire owner of the Indiana Pacers,[1] and Donald Trump, who in a New York Times interview in May 2016, (inaccurately) described her as "the head of Deutsche Bank" and "the boss".[6][7]

Her other clients include Stephen M. Ross and Jared Kushner.[5] Kushner's disclosures show he and his mother have a personal unsecured line of credit from the bank for $5 to $25 million.[5] In 2016, the bank loaned Kushner Companies $285 million to buy several floors of The Times Square Building from Lev Avnerovich Leviev's Africa Israel Investments.[5] Kushner also issued a mortgage-backed security for the Puck Building through Deutsche Bank.[5]

In August 2016, The New Yorker reported that Trump, when questioned "about his credentials on Wall Street," said that Vrablic could vouch for him.[8] In December 2016, Bloomberg reported that she was "largely unknown on Wall Street outside of private-banking circles," until her name had been mentioned by Trump earlier that year, and that a $300 million loan from Deutsche Bank, personally guaranteed by Trump himself, may represent a conflict of interest with his role as US President.[9] In February 2017, The Guardian described Vrablic as "Trump's personal banker."[4]

Private life

Vrablic owns a duplex penthouse co-op apartment at 1001 Park Avenue that had previously been the property of Phillip Bennett, the former CEO of Refco, jailed for financial fraud.[10][11]

References

  1. 1 2 3 4 Gaines, Carl (6 February 2013). "Deutsche Bank's Rosemary Vrablic and Private Banking's Link to CRE Finance". Commercial Observer. Retrieved 16 February 2017.
  2. ↑ "Paid Obituaries".
  3. 1 2 "Executive Profile: Rosemary Vrablic". Bloomberg. Retrieved 16 February 2017.
  4. 1 2 Harding, Luke; Kirchgaessner, Stephanie (16 February 2017). "Deutsche Bank examined Donald Trump's account for Russia links". The Guardian. Retrieved 16 February 2017.
  5. 1 2 3 4 5 6 7 8 9 10 Ben Protess; Jessica Silver-Greenerg; Jesse Drucker (20 July 2017). "Big German Bank, Key to Trump's Finances, Faces New Scrutiny". The New York Times. p. A1. Retrieved 21 July 2017.
  6. ↑ Harwell, Drew; Hamburger, Tom (22 December 2016). "Deutsche Bank agrees to pay $7.2 billion to settle mortgage-abuse case". Washington Post. Retrieved 16 February 2017.
  7. ↑ Craig, Susanne (23 May 2016). "Trump Boasts of Rapport With Wall St., but the Feeling Is Not Quite Mutual". New York Times.
  8. ↑ "Deutsche Bank's $10-Billion Scandal". The New Yorker.
  9. ↑ Geiger, Keri (22 December 2016). "Trump May Have a $300 Million Conflict of Interest With Deutsche Bank". Bloomberg. Retrieved 23 February 2017.
  10. ↑ LLC, Copyright 2008 BFLD,. "Vrablic Buys Convicted ex-REFCO CEO's 1001 Park Ave. Co-op Penthouse Duplex – NYC Co-op Apartment Sales".
  11. ↑ "Ex-Refco Chief Sentenced to 16 Years in Cover-Up". The New York Times. 4 July 2008.
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