Published by Global Banking & Finance Review®
Posted on January 22, 2025
1 min readLast updated: January 27, 2026
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Allianz CEO Oliver Bate expects fewer fines under Trump, criticizing Biden's administration for 'extortion' in regulatory penalties.
DAVOS, Switzerland (Reuters) - The CEO of German insurer Allianz said on Wednesday that he expected fewer regulatory fines under U.S. President Donald Trump than under Joe Biden's administration, which he called "extortion".
Allianz in 2022 settled with U.S. authorities and agreed to pay $6 billion over allegations that its U.S. asset management unit defrauded investors in a group of its funds that collapsed early in the COVID-19 pandemic.
There was "a lot more extortion under Biden than we expect under Trump," CEO Oliver Bate said on a panel at the World Economic Forum in Davos, citing as an example U.S. Department of Justice fines.
Allianz's settlements with the U.S. Department of Justice and U.S. Securities and Exchange Commission in 2022 were among the largest in corporate history, and dwarfed earlier settlements obtained under Biden's administration.
Bate also said that while Trump's government was likely to be less popular internationally, he expected him to be good for the financial services industry.
(Reporting by Tommy Reggiori Wilkes, editing by Iain Withers)
CEO Oliver Bate mentioned that he expects fewer regulatory fines under President Trump compared to the Biden administration, citing more extortion under Biden.
Allianz settled with U.S. authorities for $6 billion in 2022 over allegations that its U.S. asset management unit defrauded investors.
Bate expressed that while Trump may be less popular internationally, he expects Trump to be beneficial for the financial services industry.
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