It was the other Swiss bank that had first tried it. In his 30-year career at Morgan Stanley, Colm Kelleher admits that he only once considered leaving. His mentor at the American bank, John Mack, went in 2001 to clean up Credit Suisse First Boston, which he considers to be run “like a casino”. The Irishman hesitates. Then give up. “If we change jobs, we become a bit of a professional bandit”, he will justify years later in an interview with Financial Times.

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