Trump has denied any wrongdoing.
Many media outlets included the denial from Trump's attorney in their reports, but the idea of his bank being subpoenaed for his financial records makes for far juicier headlines.
In June, the German bank rejected a demand by Democrats to provide details of the President's finances, citing privacy laws.
The subpoena is part of a probe by special counsel Robert Mueller and his team to determine whether the president's campaign was involved in Russian efforts to influence the United States election.
Germany's Deutsche Bank has reportedly received a subpoena from Special Counsel Robert Mueller. Over the years, the bank's cumulative loans to Trump added up to billions, and loans originally worth $300 million remain outstanding. A string of bankruptcies at his hotel and casino businesses during the 1990s made most of Wall Street wary of extending him credit.
With no end in sight, Special Counsel Robert Mueller's office revealed the cost to USA taxpayers thus far for the Russian Federation collusion investigation.
However, documents uncovered in the probe do touch on the President's business, including a former associated Felix Sater telling Trump Organization lawyer Michael Cohen that in pursuing a real estate deal in Moscow he "will get Putin on this program and we will get Donald elected".
White House press secretary Sarah Huckabee Sanders also said the reports were false.
Special Counsel Robert Mueller has released a statement of the costs of investigating Russian meddling for the period from May 17 until the end of September, part of a commitment to release reports of his outlays every six months. "No subpoena has been issued or received".
On Sean Hannity's radio show Tuesday, Sekulow did confirm that he issued a statement on the Deutsche Bank matter.
Two flags, one subpoena.
"No-one from the VTB Group representatives has received a subpoena because there are absolutely no grounds for it", a bank representative said in response to a request from Reuters. Deutsche Bank helped keep Trump's business alive. During the interview, the president made clear his position that the matter is "about Russian Federation", and that he would consider extracurricular inquiries into his personal finances or business transactions to be "a violation".
'Absolute garbage', 'Howler' - Celtic fans annihilate senior player after clash v Anderlecht
We were fourth seeds in this and over the Champions Leauge there won't be too many of those who have jumped up to third place and gone through.
No exemption given under Odd-Even, Delhi govt tells Green Court
However, two days back NGT slammed Aam Aadmi party for not taking any decision or action against the poor air quality . The overall air quality index in the capital was 375 - considered to be "very poor" and hazardous to health.
Supreme Court allows Trump's 'travel ban' to enter effect
The court's brief, unsigned orders on Monday urged appeals courts to move swiftly to determine whether the latest ban was lawful. The national ACLU plans to argue at the Fourth Circuit Court of Appeals on Friday that the ban should ultimately be struck down.
During his election campaign, Trump said he would seek to improve ties with Russian President Vladimir Putin, which were strained during President Barack Obama's administration. Handelsblatt reported the subpoena earlier Tuesday.
On Monday, as he left the White House for a trip to Utah, Trump restated his sympathy for Flynn and his assertion that prosecutors should have pursued action against his general election rival, Hillary Clinton.
A U.S. official with knowledge of Mr Mueller's probe said one reason for the subpoenas was to find out whether Deutsche Bank may have sold some of Mr Trump's mortgage or other loans to Russian state development bank VEB or other Russian banks that now are under USA and European Union sanctions.
Though Flynn already admitted that other top transition officials - including Jared Kushner, the president's son-in-law, and K.T. McFarland, who is now nominated to be the USA ambassador to Singapore - were aware of his Russia-related dealings, Mueller is likely to want to talk to him about a wider range of topics, including whether Trump obstructed justice and tried to short circuit the probe.
Asked if delving into his and his family's finances unrelated to the Russian Federation probe would cross a red line, Trump replied, "I would say yeah".
TRUMP: I would say yeah.
The Trump International Hotel is shown on August 10, 2017 in Washington.
All of those loans were taken out in 2012 and will mature in 2023 and 2024, according to the disclosure. Majority Republicans did not participate in the request for Deutsche Bank, and the bank did not provide the committee with any information.
Former Trump campaign chair Paul Manafort and his deputy Rick Gates appeared in court after being indicted by a federal grand jury in October.
And Trump and his son are not the only ones in the First Family to have a relationship with Deutsche Bank.
The bank declined to comment on whether Manafort is or has ever been a client.
Since the probe began in May, the special counsel has charged four people, two of whom have pleaded guilty.