
Bank of America's India Country Head Said to Leave Position After 15 Years
Save
Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly.
The executive leading Bank of America Corp. 's India business, Kaku Nakhate, is leaving her role after 15 years with the firm, according to a memo seen by Bloomberg News.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


New York Post
an hour ago
- New York Post
Third Ave outlook brightening, CBRE says
A CBRE report on the East Side District — 44 office buildings between the FDR Drive and Lexington Avenue and between East 34th to 67th Street found a brightening outlook for the area, following years of decline that started when COVID-19 struck. CBRE identified a 'significant transformation' as it evolved from an 'office-centric' area to mixed use. The residential and office tower located at 731 Lexington Avenue. BLOOMBERG NEWS The ongoing or planned conversions to apartments of a half-dozen buildings, four of them on Third Avenue, drove office tenants to other locations. Advertisement Partly as a result, availability fell from 25.3% in October 2022 to 18.1% in the first quarter of 2025. Major renewals and expansions by firms such as Bloomberg LP and Kirkland & Ellis renewed confidence in the market. 'The district has seen some positive momentum due to increasing demand along with actions taken by owners to address oversupply,' CBRE found, and called it 'a market primed for future growth.'

Business Insider
a day ago
- Business Insider
'The 2 Kevins' and the other potential picks Trump could name to replace Jerome Powell
Christopher Waller Fed Gov. Christopher Waller's chances appeared diminished when Trump praised "the Two Kevins" on August 5. But Waller's name rose to the top of leading prediction markets after Bloomberg News reported days later that he was emerging as the president's favorite. Waller, a longtime regional Fed official, was seen as a convention pick when Trump nominated him to the central bank in 2019. Simultaneously, Trump also nominated Judy Shelton, a former campaign advisor and a Fed critic. The fight over Shelton's nomination soon seeped over onto Waller's. In December 2020, the Senate confirmed Waller 48-47, the narrowest margin for any Fed governor since 1980, per The New York Times. In July, Waller joined Gov. Michelle Bowman (another Trump first-term pick) in opposing the Fed's decision not to cut interest rates, the first dual dissent in more than 30 years. Kevin Hassett Before joining Trump's orbit, Hassett advised a succession of Republican presidential nominees on economic policy, including George W. Bush, John McCain, and Mitt Romney. During Trump's first term, Hassett served as director of the president's Council of Economic Advisors. He returned to the White House during the COVID-19 pandemic and was severely criticized for publishing a model showing coronavirus deaths hitting zero by May 15, 2020. In October 1999, Hassett cowrote with journalist Jason Glassman "Dow 36,000: The New Strategy for Profiting From the Coming Rise in the Stock Market." Some economists have heavily criticized the book, largely because the index took more than 22 years to reach that threshold. Kevin Warsh Trump reportedly considered Warsh to lead the Fed before he chose to nominate Powell in 2017. Warsh spent his early years at Morgan Stanley, working as a specialist in mergers and acquisitions. President George W. Bush nominated him to the Fed in 2006 after Warsh served as an economic advisor in the Bush White House. Drawing on his Wall Street ties, Warsh played a pivotal role in the central bank's response to the 2008 global financial crisis. When he left the Fed in 2011, the Times called him the Fed's chief liaison to Wall Street. From the sidelines, Warsh has echoed Trump's criticism of Powell, calling for "regime change" at the Fed. "The specter of the miss they made on inflation, it has stuck with them," Warsh told CNBC in July. "So one of the reasons why the president, I think, is right to be pushing the Fed publicly is we need regime change in the conduct of policy." James Bullard James "Jim" Bullard spent 15 years leading the Federal Reserve Bank of St. Louis and is now the dean of Purdue's business school. During his time on the Fed's Open Markets Committee, Bullard was viewed as a key indicator of the central bank's policy. He remains a frequent commentator on economic news. On Friday, The Wall Street Journal reported that Bullard was one of the new contenders added to a list of roughly 10 people. According to the Journal, Bullard recommended Waller for his eventual Fed nomination in 2019. Bullard has previously expressed interest in serving as Fed chairman if a vacancy occurred. Marc Sumerlin Like others on this list, Sumerlin worked as an economic policy advisor to President George W. Bush and rose to become deputy director of the National Economic Council. Sumerlin founded a consulting firm in 2013. According to the Journal, his work with the firm has led to interactions with Treasury Secretary Scott Bessent.

USA Today
2 days ago
- USA Today
Tesla restructures AI chip strategy, cuts in-house supercomputer team
Tesla will streamline its AI chip research to focus on its development of inference chips used to run AI models and make real-time decisions, CEO Elon Musk said, after a media report he had ordered the closure of the in-house Dojo supercomputer team. Bloomberg News on Thursday cited people familiar with the matter as saying Musk had ordered the Dojo team to be disbanded, with team leader Peter Bannon departing the company. Tesla TSLA.O did not reply to a Reuters request for comment. The Dojo supercomputer was designed around custom training chips to process vast amounts of data and video from Tesla EVs to train the automaker's autonomous-driving software. "It doesn't make sense for Tesla to divide its resources and scale two quite different AI chip designs," Musk said in an X post late on Thursday. "The Tesla AI5, AI6 and subsequent chips will be excellent for inference and at least pretty good for training. All effort is focused on that," he said, without directly mentioning Dojo. Check out the Tesla Diner: Watch out, McDonald's, Tesla now serves EVs, burgers and fries. Morgan Stanley analysts led by Adam Jonas valued the Dojo supercomputer at $500 billion in 2023, saying it opened a new market for the automaker beyond cars sales, similar to how Amazon's cloud unit boosts profit for the ecommerce firm. "Dojo is the key accelerant at the intersection of hardware and software," the brokerage said on August 4. Jonas did not immediately respond to a query if the latest development would hurt Tesla's valuation. Tech companies are increasingly designing custom chips to cut latency, power and cost, while consolidating around fewer architectures. Tesla has been restructuring over the past year, with its share price slumping as sales of its EVs were hit by rising competition and a backlash by European consumers in particular against Musk's political views. The company has seen multiple executive departures and cut thousands of jobs, and redirected its focus to AI-driven self-driving technology and robotics, with Musk pursuing an integration strategy across his tech business empire. Musk has said next-generation AI5 chips would be produced at the end of 2026 and last month announced a $16.5 billion deal to source AI6 chips from Samsung Electronics without providing a production timeline. He has said future AI inference chips, including AI6, would be deployed in self-driving vehicles and its Optimus humanoid robots, though he has noted the substantial computing power could enable broader AI applications. The Dojo team recently lost about 20 workers to newly-formed DensityAI, and the remaining workers are being reassigned to other data center and compute projects within Tesla, the Bloomberg report said. Reporting by Preetika Parashuraman, Mrinmay Dey, Chandni Shah and Akash Sriram in Bengaluru; Editing by Miyoung Kim, Mark Potter and Arun Koyyur