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    Home > Finance > Allianz CEO says he expects less 'extortion' from fines under Trump govt
    Finance

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

    Published by Global Banking & Finance Review®

    Posted on January 22, 2025

    1 min read

    Last updated: January 27, 2026

    This image features Allianz CEO Oliver Bate speaking at the World Economic Forum in Davos, where he anticipates a decrease in regulatory fines under Trump's government, contrasting with the Biden administration. His insights on financial services highlight significant industry expectations.
    Allianz CEO Oliver Bate discusses financial regulations at the World Economic Forum - Global Banking & Finance Review
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    Tags:insurancefinancial servicesRegulatory Complianceinvestmentcorporate governance

    Quick Summary

    Allianz CEO Oliver Bate expects fewer fines under Trump, criticizing Biden's administration for 'extortion' in regulatory penalties.

    Allianz CEO Anticipates Fewer Regulatory Fines Under Trump Administration

    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)

    Key Takeaways

    • •Allianz CEO predicts fewer fines under Trump.
    • •Bate labels Biden's fines as 'extortion'.
    • •Allianz settled $6 billion in 2022 with US authorities.
    • •Trump seen as beneficial for financial services.
    • •Largest settlements occurred under Biden's term.

    Frequently Asked Questions about Allianz CEO says he expects less 'extortion' from fines under Trump govt

    1What did Allianz's CEO say about regulatory fines under Trump?

    CEO Oliver Bate mentioned that he expects fewer regulatory fines under President Trump compared to the Biden administration, citing more extortion under Biden.

    2How much did Allianz settle for with U.S. authorities in 2022?

    Allianz settled with U.S. authorities for $6 billion in 2022 over allegations that its U.S. asset management unit defrauded investors.

    3What are Bate's views on Trump's impact on the financial services industry?

    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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