Introduction
The election of Donald Trump in 2024 marked a turning point for the world’s financial markets, particularly in Europe. European banks, the insurance sector and the asset management industry all experienced significant repercussions. Donald Trump’s return to the White House has reignited trade tensions and led to strategic adjustments on the part of European financial institutions.
European banks: between uncertainties and opportunities
Trump’s return is accompanied by protectionist economic policies and a weakening of financial regulations in the United States. For European banks, this represents both risks and opportunities.
On the one hand, the prospect of financial deregulation in the US could boost the activities of European investment banks operating across the Atlantic, such as Deutsche Bank and BNP Paribas.
On the other hand, the threat of new trade barriers and increased market volatility complicates risk management for banks exposed to international markets.
In addition, the rise in US interest rates under a pro-growth administration has led to an influx of capital into the US, weakening the euro and making dollar financing more expensive for European banks. This dynamic is particularly affecting banks with dollar-denominated debt commitments.
While European financial services companies and fintechs will have to deal with new regulations (Basel Committee), US banks are not hiding their enthusiasm for the new Republican administration’s promises of deregulation.
What opportunities are there for talent in the financial sector?
This wave of consolidation, driven by the quest for critical mass, is generating an increased demand for specialist profiles to support these new giant structures.
- Cost reduction and operational efficiency: Merged companies are looking to streamline their operations while strengthening their ability to invest in assets requiring considerable resources. This is generating strong demand for profiles in risk management, compliance and investment management.
- Digital transformation and data science: The increasing digitalisation of the sector requires experts in financial technologies and data science to support the automation of processes and the exploitation of data in asset management.
Financial experts capable of adapting to these new dynamics are therefore in greater demand. Our agency, which specialises in recruitment for the banking, insurance and asset management industries, is ideally placed to help companies source the talent they need for this transformation.
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Insurance: a sector under pressure
- The insurance sector is heavily dependent on the stability of financial markets and macroeconomic forecasts. It faces a number of challenges posed by the Trump administration.
Rising US interest rates and the prospect of higher US inflation have a direct impact on the return on assets held by European insurance companies. - Trump’s questioning of climate regulations could slow the transition to greener, more sustainable insurance. Major players such as Allianz and AXA, which are committed to ESG (environmental, social and governance) investment policies, could face increased pressure on their sustainable strategies, particularly in the face of a reduction in climate responsibility standards in the United States.
Asset management: a necessary strategic repositioning
The asset management industry is being directly impacted by Trump’s return, particularly through increased market volatility and changes in capital flows. With the Trump administration having already expressed its hostility to ESG criteria, several European asset managers, such as Amundi and Schroders, are having to readjust their strategies to adapt to a possible drop in demand for ESG products in the United States.
In addition, trade tensions between the US and China, exacerbated under Trump, are affecting portfolios exposed to emerging markets. The need for greater diversification and effective risk hedging is becoming paramount for asset managers operating internationally.
According to a survey by Pensions for Purpose, investors fear the consequences of the Trump administration for sustainability issues, but are maintaining their investment strategies.
My conclusion and analysis: a necessary adaptation
The election of Donald Trump in 2024 has ushered in a new era of uncertainty for European financial institutions.
Banks, insurance companies and asset managers must navigate between increased risks and new opportunities, while adapting their strategies to the regulatory changes and market dynamics reshaped by the US administration. In the face of these challenges, agility and anticipation will be major assets in maintaining the stability and growth of the European financial sector.
On the one hand, regulatory uncertainty and increased risks could lead some companies to slow down their hiring. On the other hand, adapting to new dynamics could create increased demand for profiles specialising in compliance, risk management and quantitative finance.
These changes offer opportunities for adaptation and expansion, and the recruitment market could become more dynamic, particularly for talent capable of navigating this new complexity.
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Author : Emerique Opou
Founder and CEO of Emérique & Partners
London, United Kingdom
Named to Staffing Industry Analysts‘ Global Power 150 Women in Staffing list in 2022, Emérique has over 15 years’ expertise in recruiting niche profiles in banking and insurance.
Its rich pan-European experience has enabled it to build a solid network of professionals in the banking and insurance sectors, including actuaries, quantitative finance experts, risk managers and audit and compliance experts.
In 2024, Emérique & Partners was a finalist in the Recruitment industry, entrepreneur of the year category at the Recruiter Awards in London.
In 2024, she was also a finalist in the SME national business awards in the ‘business woman of the year’ category in the United Kingdom. Every quarter, Emérique analyses the major trends in the French and European banking and insurance markets.
His rich pan-European experience has enabled him to build a solid network of professionals in the banking and insurance sectors, notably with actuaries, quantitative finance experts, risk managers, and compliance experts.
Emérique & Partners recruits exclusively at executive and senior management levels.
Every month, Emerique deciphers the major trends in the French and European banking and insurance market.
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