The words hit Allen Wheat like a blow to the stomach. The CEO of Credit Suisse First Boston was spending a week in the London office on Cabot Square in Canary Wharf. Late in the afternoon of July 11, a warm but overcast English summer’s day, he sat down for a chat with his boss, CEO of the Credit Suisse Group Lukas Mühlemann, who had flown over from Zurich.
The meeting, Mühlemann had told him in advance, was to discuss strategy for the investment-banking unit that Wheat had run as CEO since late 1997, and run in all but name as president and COO since 1993.
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