My visitor was a top officer of a superregional who had just been "downsized." He had run a division that had credit dealings with just under 1,000 correspondents, the majority of which were banks. He was experienced in working on credit risk problems and developing revolving credit facilities, and he had headed the bank's investment banking group, whose functions included providing capital to correspondents and advising them on investment banking issues such as mergers and acquisitions and private placement.

But after a recent merger, the bank found too many people working in these areas and released him, since he was the most expensive of the talent available.

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