The Showdown In Global Banking

The sound of jackhammers and backhoes intrudes on the daily rituals of the London office of Morgan Grenfell Group PLC, where a gaping hole in the ground outside is hastily being transformed into a new headquarters. But the noise doesn't faze the staff inside. A dozen visitors with bulging briefcases parade through the revolving door in the space of 10 minutes. They are whisked off to private chambers by women in white blouses and gray skirts, who later bring them tea on lacquered trays. The smell of dealmaking permeates the air.

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