Pursuits
Brazil’s Esteves Wealth Sinks Most Among Banker Billionaires
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Andre Esteves, the chairman of Grupo BTG Pactual, has shed $650 million from his fortune this year as his firm gets dragged down by loans and investments with companies embroiled in a corruption scandal at Brazil’s state oil firm.
Esteves’s 19 percent decline is the biggest among bankers on the Bloomberg Billionaires Index. BTG, Brazil’s only publicly traded investment bank, has trailed the Ibovespa index by 4 percentage points so far this month, a performance that coincided with the real plunging below 3 per dollar for the first time in a decade. His personal fortune, which peaked at $4.9 billion in September, is valued at $2.7 billion today.