Labour of love

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The early 1990s saw Western banks expand into the newly opened economies of the former Soviet Union, and, broadly speaking, the late 1990s saw many of them regretting it. As the International Monetary Fund (IMF) prepared to bail out Russia in 1998, calls grew for private-sector banks to play a role in repairing a situation that, in some eyes, their lending had played a part in creating.

At the US Treasury, and subsequently at JP Morgan, Charles Dallara was at the centre of the expansion during

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