Word: ogunlesi
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Colleagues who have traveled with Adebayo Ogunlesi during his years as a globe-trotting dealmaker have seen him face down bribe-seeking gunmen in his native Nigeria and effect a clever predawn escape from student rioters in Indonesia. But today Ogunlesi confronts a crisis that in many ways is scarier: he's the new head of worldwide investment banking at Credit Suisse First Boston (CSFB), which lost nearly $1 billion last year and faces accusations that its advice to investors was corrupted by its desire to please big corporate clients...
...standing ovation at his first staff meeting in February did not deter Ogunlesi, 48, from delivering a sobering message: he would have to "break some glass" to control spiraling costs. Within weeks CSFB laid off 300 bankers, or 14% of Ogunlesi's division. The survivors with guaranteed contracts were asked by Ogunlesi to accept pay cuts. He pushed the bankers out of limos and required them to hail taxis. And he freed 12 top revenue producers of daily management responsibilities so they could spend more time generating business...
...ADEBAYO OGUNLESI Courageous Cost Cutter...
...staff meeting since being plucked from the firm's energy group, the native Nigerian told senior execs they are the focus of a new round of job cuts that will be "swift and severe." As the bank moves to cut costs after posting its first unprofitable quarter since 1997, Ogunlesi, 48, also advocated the use of taxis over limos...