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☆ Merrill's Lindsay Hans and Eric Schimpf were thrust to the top of the $3.3 trillion wealth unit last year. Here's a look at their new playbook.
▼ + stars: | 2024-04-22 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

Thirteen months ago, Andy Sieg unexpectedly left Merrill Wealth Management to run Citi's ailing wealth unit. His replacements, Lindsay Hans and Eric Schimpf, had big shoes to fill. Hans and Schimpf were company veterans but lesser known before they were anointed to lead the $3 trillion wealth business attached to behemoth Bank of America. Schimpf is more soft-spoken than his cohead Hans, who was promoted to run the private wealth business one month before Sieg left. AdvertisementMerrill has the benefit of being part of a bank with some 69 million consumer bank clients.

Persons: Andy Sieg, Lindsay Hans, Eric Schimpf, Merrill, Hans, Schimpf, Sieg, Lindsay, it's, Sieg's, Louis Diamond, Schimpf's, Hans said, AdvisorHub Organizations: Service, Merrill Wealth Management, behemoth Bank of America, Business, Merrill, Army, UBS, Schimpf, Northeast, Merrill . Bank of America, Bank of America, Customers, Bank of, First, JPMorgan Locations: Los Angeles, Coast, New York City, Nevada, First Republic, Merrill

☆ Andy Sieg is quickly shaking up Citi's wealth business. At least 11 senior execs have left since his arrival.
▼ + stars: | 2024-04-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Citi's wealth unit has seen at least 11 senior execs exit since Merrill Lynch veteran Sieg joined in September. The latest departure is David Bailin, chief investment officer for the global wealth division, who announced his departure on Monday. Sieg's mandate is to turn around the wealth business, which was barely profitable this past quarter. Sieg also plans to expand Citi's already successful wealth business in Asia. At least two other senior Asia executives have left.

Persons: Andy Sieg, Merrill Lynch, Sieg, David Bailin, Bailin, Fraser, Andy, Mark Mason, Shyam Sambamurthy, Merril Lynch, Don Plaus, Hale Behzadi, Citi David, Eduardo Martinez Campos, Keith Lee Hong, Fernando Lopez Munoz, Luigi Pigorni, Jeff Sutton, Eduardo, Seamus Yin, Hayley Cuccinello Organizations: Citi, Business, Bankers, Citi Wealth, Citi Global Wealth, North America, Eduardo Martinez Campos Head, Mark, Mark Mills Regional, Fernando Lopez Munoz Head, Jeff Sutton Global, Eduardo Ventura, West Locations: Asia, Hong Kong, Singapore, Keith Lee Hong Kong, Mark Mills, Shyam Sambamurthy South Asia, America, West China, hcuccinello@businessinsider.com

☆ Fed will likely only cut rates once due to resilient and robust economy: strategist Scott Clemons
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed will likely only cut rates once due to resilient and robust economy: strategist Scott ClemonsScott Clemons, Brown Brothers Harriman Private Banking chief investment strategist, joins 'Power Lunch' to discuss the markets, the U.S. economy and what's ahead for the Federal Reserve.

Persons: Scott Clemons Scott Clemons, Brown Organizations: Brown Brothers Harriman Private Banking, Federal Reserve Locations: U.S

☆ There is a case to 'stick with equities,' especially in the U.S., CIO says
▼ + stars: | 2024-02-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere is a case to 'stick with equities,' especially in the U.S., CIO saysWillem Sels, global CIO of HSBC's Global Private Banking and Wealth division, discusses U.S. vs European equity markets and which sectors are performing well.

Persons: Willem Sels Organizations: HSBC's, Private Banking, Wealth Locations: U.S

☆ Here's how to create a diversified bond portfolio with up to 6% yield, according to the pros
▼ + stars: | 2024-02-12 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

But in recent months, many have called for investors to return to bonds as prices are expected to recover soon. Falling yields may prompt investors to wonder which corners of the fixed income market still offer higher yields of up to 6%. He prefers developed market bonds — especially the U.S. — to emerging market bonds, of longer durations exceeding seven years. Emerging market debt can also offer high yield because of the very high real rates in many such economies, Olu-Pitan says, with Latin America debt offering "easily" above 7%. In investment-grade bonds, investors can get above 6% in U.S. financials, she added.

Persons: Brandon Huang, Huang, financials, Remi Olu, Fannie Mae, Freddie Mac, — CNBC's Michael Bloom Organizations: Treasury, LGT Private Banking Asia, CNBC Pro, Agency MBS, U.S ., MBS Locations: U.S, Australia

☆ Societe Generale posts sharp profit drop as net banking income slides
▼ + stars: | 2024-02-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Societe Generale on Thursday reported a sharp decline in fourth-quarter net profit on the back of weaker net banking income, but launched a new 280 million euro ($302 million) share buyback program. The French lender posted a group net income of 430 million euros, slightly above a consensus analyst forecast of 404 million euros, according to LSEG data, but well below the 1.07 billion euros recorded for the final quarter of 2022. It comes after the bank posted posted a group net income of 295 million euros for the third quarter, as resilient investment bank performance offset a sharp downturn in its French retail business. Thursday's result took France's third-largest listed bank's annual net profit to 2.49 billion euros, slightly above analyst expectations of 2.15 billion euros. However, quarterly net banking revenue dropped 9.9% year-on-year to 5.96 billion euros, which the bank attributed largely to a decline in net interest income in French retail, and its private banking and insurance division, along with the negative impacts from unwinding hedges.

Persons: Slawomir Krupa, Krupa, BoursoBank Organizations: Generale, SocGen, Global Banking, Investor Solutions, Retail Banking, Soc Locations: France

☆ New York Community Bank stock drops even after lender says deposits increased
▼ + stars: | 2024-02-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

The bank announced earlier on Wednesday that it had appointed DiNello, formerly the president of Flagstar Bank, to the position effective immediately. The bank holds total deposits of approximately $83 billion, the lender said in a statement Tuesday evening. US banks hold about $2.7 trillion in commercial real estate loans. But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. The increase was driven partly by expected losses on commercial real estate loans, it said.

Persons: ” Alessandro DiNello, DiNello, NYCB, ”, weren’t, Fitch, Thomas Cangemi, ” DiNello, Goldman Sachs, Moody’s, Neel Kashkari, ” Kashkari, he’s, Janet Yellen, “, Yellen, “ I’m, ” Yellen Organizations: New, New York CNN —, New York Community Bancorp, Moody’s Investors Service, Flagstar Bank, Bank, Moody’s, JPMorgan, Signature Bank, Silicon Valley, Regulators, Federal, Community Bancorp, CNBC, Financial Locations: New York, Flagstar, New, Minneapolis

☆ CNBC Daily Open: The rush for gold — and bitcoin
▼ + stars: | 2023-12-05 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Spot gold prices touched $2,100 an ounce, hitting a record high as investors rushed into the safe-haven asset. Wall Street catches a breathU.S. stocks markets slipped Monday, with investors questioning if markets climbed too fast, too soon following five straight weeks of gains.

Persons: Twilio Organizations: CNBC, Wall, Dow Jones, Nasdaq, Big Tech, Japan's Nikkei, Airlines, DoJ, Alaska Airlines, Hawaiian Airlines, Justice Department, JetBlue Airways, Spirit Airlines, Spotify, Department of Justice, Banque Pictet, Internal Revenue Service Locations: Miami Beach , Florida, U.S, Asia, Pacific, Swiss

☆ Swiss bank Banque Pictet admits hiding $5.6 billion of Americans’ money from IRS
▼ + stars: | 2023-12-04 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Banque Pictet, the private banking division of the 218-year-old Pictet Group, will pay about $122.9 million in restitution and penalties as part of an agreement with prosecutors. As part of the deal, the bank also agreed to cooperate with ongoing investigations into hidden bank accounts. The Pictet Group said in a statement that the deal follows its "extensive cooperation with the US authorities, in full compliance with Swiss law." The Pictet Group helped clients evade U.S. taxes by opening, maintaining and concealing undeclared accounts for them, prosecutors charged. The Pictet Group maintained about 529 offshore entities for the U.S. accounts in question during the relevant timeframe.

Persons: Damian Williams Organizations: Internal Revenue Service, Department of Justice, Banque Pictet, DOJ, Justice Department, Attorney, Southern, of, Pictet, Swiss, U.S Locations: Swiss, U.S, of New York, United States

☆ Bitcoin and gold are smashing through key levels. Here's what's driving the moves
▼ + stars: | 2023-12-04 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

Both gold and bitcoin kicked off the week by hitting new milestones — spot gold hit a record high above $2,100 per ounce, and bitcoin topped $42,000 to hit its highest level since April 2022. The digital currency appears to have broken through key technical levels and could continue to rally through the end of the year, according to Joel Kruger, market strategist at LMAX Group. "A Bitcoin ETF allows easy access to Bitcoin via broker accounts, RIAs and wealth/private banking channels. Think of Bitcoin ETF as the largest pipe ever built between traditional financial markets and crypto financial markets," the note said. XAU= 5D mountain Gold retreated from the record high reached on Sunday evening in New York.

Persons: bitcoin, Joel Kruger, Kruger, Bernstein, Gautam Chhugani, Chhugani, Bitcoin, Maximilian Layton, Layton, Gold, Craig Erlam Organizations: LMAX, CNBC, Securities, Exchange Commission, SEC, BlackRock, ETF Locations: Bitcoin, U.S, New York

☆ How SVB is helping clients sell wine, diamond jewelry, and wearable tech this holiday season
▼ + stars: | 2023-11-24 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

But despite SVB Private's elite clientele, the holiday gift guide isn't intended to make headlines for boasting extravagant items like the Neiman Marcus luxury wish list. Instead, the list highlights SVB clients, which is organized by vendor rather than category and includes quotes from each founder. SVB Private's gift guide includes Flanagan Wines, owned by client Eric Flanagan, pictured with his wife, Kit. During the pandemic, Gregory's 400-plus winery clients were struggling with restaurants closed and wine tastings off-limits. Flanagan has sold wine through SVB's monthly specials and appreciated getting brand awareness with SVB's rich tech clients.

Persons: SVB, Marcus, Eric Flanagan, Flanagan, They're, Greg Gregory, SVB's, Gregory, Jes Wolfe, Rebel, Jeanette Epps, Aileen Lee, Milo, Peter Celinski, Celinski, They've, I'd, I've Organizations: Bank, SVB, Business, First Citizens Bank, Silicon Valley Bank, Valley Bank Locations: Tahoe, Silicon, That's, Milo

The fallout has extended to Washington, where Republicans are hunting for evidence that could be used to impeach President Joe Biden. Republicans have highlighted a $200,000 personal check from Jim to Joe Biden on the same day — March 1, 2018 — that Jim Biden received an equal amount from Americore. Concerns that Jim Biden’s business ventures and missteps would cloud Joe Biden’s political career stretch back decades. Court records show the matter was dropped, and Jim Biden's representatives said the bill was paid. But he’s also angry at Jim Biden's brother.

Persons: ELLWOOD, Jim Biden, Joe Biden, Jim Biden wasn’t, Americore, It’s, Joe Biden’s, Hunter, Biden, Jim, ”, Paul Fishman, “, Ian Sams, Republicans won’t, ” Jim Biden, James Comer, he’s, ” Comer, Jim Biden's, Sara, Joe, Jill, Jim Biden’s, Barack Obama’s, Narendra Modi, Valerie, Frank, Beau, Beau Biden, ” Hunter, Uncle Jim, Hollywood Roosevelt, ‘, Let’s, ’ ”, Hurricane Irma, Tom Pritchard, Pritchard, ” Pritchard, Obama, Jim Biden “, ” Fishman, Michael Lewitt, Lewitt, Fishman, Biden’s, Grant White, ” White, Donald Trump, Scott Paglia, Paglia, ___ Suderman, Rhonda Shafner Organizations: ELLWOOD CITY, Health, House Republicans, Republicans, ., Democrats, Americore, Rep, Kentucky Republican, franchise, Senate, Delaware News, Oval, White, Indian, University of Delaware, Internal Revenue Service, CEFC China Energy . Records, American Express, U.S . Department of Veteran Affairs, Platinum Global Partners, Securities and Exchange Commission, Wall, Democratic, Associated Press Locations: Pa, Florida, Ellwood City, Pennsylvania, Washington, “, China, Philadelphia, Delaware, Mississippi, California, Los Angeles, Qatar, Saudi Arabia, South Florida, Delray Beach , Florida, Richmond , Virginia, New York

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. That has left NAB, ranked third for mortgages but first for business loans, in a prime position as the country's retail lenders look elsewhere for growth. We're not abandoning (mortgages), we're tilting towards our business bank." Larger mortgage rival Westpac (WBC.AX) also posted a higher annual profit on Monday, despite a decline in home loan profit. The company's net interest margin, a closely-watched bank metric of lending interest income minus payouts to deposit accounts, shrank to 1.71% as of Sept. 30, from 1.77% at March-end.

Persons: Daniel Munoz, Ross McEwan, We're, Azib Khan, Roushni Nair, Archishma Iyer, Shounak Dasgupta, Jamie Freed Organizations: National, REUTERS, NAB, SYDNEY, National Australia Bank, Westpac, P, Thomson Locations: Sydney, Australia, Bengaluru

☆ HSBC to build large personal banking business in India - country CEO
▼ + stars: | 2023-11-09 | by ( Ira Dugal | ) www.reuters.com time to read: +2 min

HSBC Bank logo is seen in this illustration taken March 12, 2023. The bank has long had a retail, or personal, banking business in India, but has not focused on building that up, Dave said. "We intend to build a very large retail, or what we call a personal, banking business." Global banking and markets and commercial banking are the largest contributors to the India business. HSBC India's wealth and personal banking segment, which includes private banking, mortgages and asset management, contributed $35 million or 4.6% to its profit before tax in the first six months of 2023.

Persons: Dado Ruvic, Hitendra Dave, Dave, Ira Dugal, Jan Harvey Organizations: HSBC Bank, REUTERS, Rights, HSBC, Reuters, Global, Thomson Locations: Rights MUMBAI, India, HSBC India

☆ Swiss banking environment is 'completely normal' after UBS-Credit Suisse takeover: EFG CEO
▼ + stars: | 2023-11-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSwiss banking environment is 'completely normal' after UBS-Credit Suisse takeover: EFG CEOGiorgio Pradelli of Swiss private bank EFG International is eyeing the Middle East and China for wealth creation, and says Switzerland remains a major private banking hub.

Persons: Giorgio Pradelli Organizations: UBS, Credit Suisse, EFG Locations: East, China, Switzerland

☆ Deutsche Bank boosts Asia bets as clients seek Wall Street alternative -CEO
▼ + stars: | 2023-11-09 | by ( Selena Li | ) www.reuters.com time to read: +4 min

Christian Sewing, CEO of Deutsche Bank, poses after an interview with Reuters in Hong Kong, China September 8, 2023. Asia offers higher profit margins than other regions, according to Sewing, who took the helm at the lender in 2018. It operates in 15 markets in Asia Pacific and generates about 15% of its global revenue in the region, he said. Sewing said that the demand for advice from clients in Asia Pacific was far higher than two or three years ago. At that time, it announced plans to cut around 18,000 staff worldwide, with teams disbanded and jobs cut in most of its Asia Pacific markets.

Persons: Selena Li, Sewing, Sumeet Chatterjee, Christian Organizations: Deutsche Bank, Reuters, REUTERS, Asia, Deutsche, UBS, Thomson Locations: Hong Kong, China, HONG KONG, Asia Pacific, U.S, Asia, Ho Chi Minh City, Seoul

☆ Ivanka testifies her relationship with Deutsche Bank was hunky-dory despite New York's AG accusing Trump Org of defrauding it
▼ + stars: | 2023-11-08 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Ivanka Trump testified about her cozy relationship with Deutsche Bank. AdvertisementAdvertisement"I was constantly told by Rosemary and members of her team how much they appreciated the relationship," Ivanka Trump testified. At times, Ivanka Trump testified, Vrablic even convinced her family to take out a loan with Deutsche Bank even if they didn't need to. Vrablic's team "periodically" came to Ivanka with possible investment opportunities, Ivanka Trump testified, whether it was properties up for sale, or working with Softbank. AdvertisementAdvertisement"I was in the hospital, or about to go to the hospital with my first child," Ivanka Trump said.

Persons: Ivanka Trump, —, Donald Trump's, Rosemary Vrablic, Ivanka, Letitia James, Donald Trump, Louis Solomon, Donald Trump Jr, Eric Trump —, Trump, Jesus Suarez, Vrablic, Rosemary, Arthur Engoron Organizations: Deutsche Bank . Ivanka, Deutsche, Service, Deutsche Bank, New York Attorney, Trump, Trump Doral, Post, New York, Trump Org, Trump Organization, Softbank, New Locations: Chicago, Miami, Washington ,

If you have all or most of your money in a single investment account, you're missing opportunities to build wealth. If you're serious about building wealth, there are seven types of accounts you need to have to make it happen. If you're making estimated quarterly tax payments, you'll need to accumulate funds in your tax savings account as you earn them. Note that a "tax savings account" is not a different banking product — it's just a designated use for a savings account, like an emergency fund would be. (Like the tax savings account, this isn't a different product your bank offers — it's a specific use for an account like a high-yield savings account.)

Persons: —, Ally, Charles Schwab, it's, you'll, Roth, you've, It's, Robinhood, That's, We're, There's, I've, multimillionaires, Read Organizations: Service, Roth IRA, Roth, IRA

NII at the French retail division fell by 27% in the quarter, excluding two regulated savings accounts, "well below expectations," JP Morgan said in a note to clients. The French lender said it now saw NII of its French retail, private banking and insurance division falling by more than 20% in 2023. The French retail division's earnings also suffered from hedging contracts against the risks of low interest rates. SocGen's shares had edged up 0.6% by 0924 GMT. The bank has also finalised the merger of its two French retail networks.

Persons: Gonzalo Fuentes, JP Morgan, SocGen, Slawomir Krupa, Jefferies, Krupa, ALD, Mathieu Rosemain, Silvia Aloisi, Ingrid Melander, Emelia Organizations: Societe Generale, La Defense, REUTERS, European Central Bank, BNP, Deutsche Bank, Barclays, Thomson Locations: La, Paris, France

☆ Morgan Stanley’s new CEO inherits rich pickings
▼ + stars: | 2023-11-02 | by ( John Foley | ) www.reuters.com time to read: +7 min

A good place to start is outside Morgan Stanley’s home market. Morgan Stanley’s two last big acquisitions were chunky, at a combined $20 billion, but also filled niches. E*Trade, an online brokerage, brought millions of households and company employees that Morgan Stanley hadn’t previously served. Eaton Vance, a U.S. asset manager, peddles investment products that Morgan Stanley now funnels through sales teams in far-flung markets. CEO Jane Fraser shows no inclination to sell private banking, which for now sits within the group’s $756 billion global wealth management bucket.

Persons: Ted Pick’s, Morgan Stanley, Pick, James Gorman, Morgan, Gorman, Germany’s, Britain’s, Morgan Stanley’s, Morgan Stanley hadn’t, Eaton Vance, Smith Barney, watchdogs, Jane Fraser, It’s, Noel Quinn’s, Ping, Colm Kelleher, Ted Pick, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Credit Suisse, McKinsey ., Morgan, Reuters Graphics Reuters, Infrastructure, Citi, U.S, HSBC, HK, UBS, Thomson Locations: U.S, American, Asia, Pacific, Japan, India, China, French, Europe, Switzerland, HK, Swiss

☆ Australia's NAB targets at least $633 mln in lending to indigenous businesses
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney, Australia August 4, 2017. Earlier this year, a review by the country's corporate regulator found banks were falling short of meeting targets for moving First Nations people into low-fee accounts. NAB, the country's second biggest lender, said the new lending target highlights a surge of more than 140% based on its current lending of just A$413 million helping stimulate "sustainable business growth" among indigenous communities. "During the last two years, we have put the building blocks in place to better support our growing First Nations business customer base, from both a commercial and cultural perspective," said Andrew Irvine, NAB Group Executive Business and Private Banking. ($1 = 1.5780 Australian dollars)Reporting by John Biju in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Andrew Irvine, John Biju, Krishna Chandra Eluri Organizations: National Australia Bank, REUTERS, Nations, NAB, Executive Business, Private Banking, Thomson Locations: Sydney, Australia, Bengaluru

☆ Deutsche Bank plans to close nearly half its Postbank branches
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

The logo of Deutsche bank is seen in Hong Kong, China July 8, 2019. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsBERLIN, Oct 30 (Reuters) - Deutsche Bank (DBKGn.DE) plans to close nearly half its Postbank branches by mid-2026 in response to changing demand from customers, a spokesperson for the German bank said on Monday. The bank plans to reduce the number of Postbank branches to around 300 from its current 550, the spokesperson said. Deutsche Bank's new head of private banking, Claudio de Sanctis, had first told the Financial Times about the closures in an interview earlier Monday. He told the FT that the bank's Deutsche-branded branches will also be scaled back, without giving more details.

Persons: Tyrone Siu, Claudio de Sanctis, Friederike Heine, Miranda Murray, Matthias Williams, Tomasz Janowski Organizations: Deutsche, REUTERS, Rights, Deutsche Bank, Financial Times, Thomson Locations: Hong Kong, China

☆ Intesa CEO hopes to keep reins with Catholic philosophy for 'many years'
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

"We can do that because we already spend 300 million euros a year for social causes," Messina said. Intesa has among core shareholders charitable banking foundations inspired by Catholic values, commonly referred to in Italy as "Catholic finance". "I hope to have the honour to continue to lead our company for many years with this philosophy," Messina said. At the helm since 2013, Messina has made the digital switch a key plank of his long-term strategy for Intesa, with a view to cutting costs and focusing resources on wealth management and insurance operations. Intesa this year launched both Isybank, a cloud-based, low-cost mobile bank to serve younger, mass-market clients, and Fideuram Direct, a digital wealth management service targeting younger private banking clients.

Persons: Carlo Messina, Messina, Intesa, " Messina, Pope Francis, Valentina Za, Tomasz Janowski Organizations: MILAN, Thomson Locations: Italy, Messina

☆ Argentina central bank hikes key rate to 133% as inflation worsens
▼ + stars: | 2023-10-12 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

The facade of Argentina's Central Bank is pictured in the financial district of Buenos Aires, Argentina December 7, 2021. Argentina's central bank is struggling to keep the benchmark interest rate in line with inflation expectations, with a central bank poll of analysts later in the day forecasting inflation to end the year at more than 180%. Reuters Graphics Reuters GraphicsThe impacts of inflation has been worsened by the government's near-18% devaluation of the peso in mid-August, which coincided with the prior central bank hike, where it increased the interest rate from 97% to 118%. Milei, who is seeking to shut the central bank and dollarize the economy to tame inflation, recently recommended depositors avoid renewing bank holdings in pesos, arguing that the peso does not even serve as "excrement." The central bank's rate change on Thursday came after a last-minute decision not to raise the rate to 145% "following a leak," after Reuters reported the higher figure, citing a source close to the bank.

Persons: Agustin Marcarian, Alberto Fernandez, Javier Milei, Jorge Otaola, Brendan O'Boyle, Isabel Woodford, Anthony Esposito, Richard Chang, Jamie Freed Organizations: Central, REUTERS, Graphics Reuters, Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES

"Mr Staley failed to do this. "In its response, Barclays relied on information supplied by Mr Staley. "In reality, in emails between the two Mr Staley described Mr Epstein as one of his 'deepest' and 'most cherished' friends," it added. "The FCA has found that Mr Staley was aware of the risk that his association with Mr Epstein posed to his career," it added. In an email titled 'Friendship' in October 2015, Staley wrote: "You never wavered in our friendship these last three years.

Persons: Jes Staley, Jeffrey Epstein, Mr Staley, Epstein, Staley, Arnold, Porter, Mr Epstein, Therese Chambers, JP Morgan Chase JPM.N, JP Morgan, Huw Jones, Sinead Cruise, Kirstin Ridley, Iain Withers, Alexander Smith Organizations: Ex, Barclays, Authority, FCA, Barclays Board, U.S . Virgin, Thomson Locations: New York

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