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Finance

Posted By Global Banking and Finance Review

Posted on January 22, 2025

Allianz CEO says he expects less 'extortion' via fines under Trump govt

DAVOS, Switzerland (Reuters) - The CEO of German insurer Allianz said on Wednesday that U.S. President Donald Trump would be good for financial services and that he expected fewer regulatory fines than under Joe Biden's administration, which he called "extortion".

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.

Bate also said that while Trump's government was likely to be less popular internationally, he expected him to be more supportive for the financial industry.

(Reporting by Tommy Reggiori Wilkes)

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