Markets Magazine
BTG’s Esteves Drives ‘Better Than Goldman’ Rise in Bank’s Clout
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As UBS AG’s losses from subprime-mortgage bets swelled in early 2008, Andre Esteves, already a billionaire as he neared 40, approached his 150-year-old employer with a deal.
The Rio de Janeiro native would supply UBS with much-needed capital two years after the Swiss giant had paid him and his partners $3.1 billion for their Brazilian investment bank. In return, Esteves sought a controlling stake, people familiar with the plans say. UBS’s board rejected the proposal, and Esteves soon quit as global head of fixed income.