It starts with a memo. The board of UniCredit has approached Jean Pierre Mustier, the bank’s former head of corporate and investment banking, to return to the firm as its CEO. For the move to work, Mustier knows exactly what the board needs to let him do. He already knew the core of it when he quit the bank in 2014. Two years later, it does not take him long to write it down.
It is June 2016 when Mustier writes his two-page memo to the board.
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