"No grounds exist to establish any purpose other than a political one," said the filing.
A Deutsche Bank spokesman had no immediate comment. Capital One did not immediately respond to a request for comment late on Monday evening.
The move by Trump was the latest salvo in a battle between the president and Democrats in the House of Representatives who are investigating his administration and his business dealings.
Earlier this month, Trump sued Mazars USA, his accounting firm, and Elijah Cummings, the Democratic chairman of the House oversight committee, after Cummings issued a subpoena to the firm for records regarding the president.
Democrats are also seeking Trump's tax records, using a law that gives the House ways and means committee the right to access any individual's tax returns. The Trump administration has missed two deadlines to hand over the president's tax filings.
Last week, Trump made his clear his intention to resist requests for records from Democrats in Congress, telling reporters: "We're fighting all the subpoenas."
Maxine Waters, chair of the House financial services committee, and Adam Schiff, who chairs the House intelligence committee, said in a joint statement on Monday that Trump's latest lawsuit was "meritless".
"This lawsuit is not designed to succeed; it is only designed to put off meaningful accountability as long as possible," they said.
Waters and Schiff had issued subpoenas earlier this month to Deutsche Bank and other banks as part of their investigations into illicit finance and foreign influence in US politics.
Trump's lawsuit said the subpoenas to Deutsche Bank sought a broad sweep of banking and financial records about himself, his family and his businesses stretching bank to 2010. For some types of records, such as account applications, the subpoenas placed no time limitation, according to the lawsuit.
Both Deutsche Bank and Capital One had intended to begin handing over documents in response to the subpoenas by May 6, the lawsuit said.
Trump's relationship with Deutsche Bank has been a key area of focus for congressional investigators, particularly after Michael Cohen, the president's former lawyer, told Congress that documents Trump submitted in connection with a potential loan in 2014 had "inflated" his wealth.
Cohen is due to begin a three-year prison term in May for crimes including campaign finance violations, lying to Congress and tax evasion.
Deutsche Bank has been a longtime lender to Trump, continuing to work with him even after other financial institutions were put off by a spate of Trump business bankruptcies in the 1990s.
Earlier this month, the bank said it was "committed to providing appropriate information to all authorised investigations in a manner consistent with our legal obligations".
Written by: Kadhim Shubber
© Financial Times
