Never underestimate the tribal powers that rule investment banks. The stand-off between Deutsche Bank's global markets division and Dresdner Kleinwort Benson - threatened with integration - is a case in point. Edson Mitchell, Deutsche's head of global markets, was hailed by his chairman Rolf Breuer last year as an Indian chief. By clever use of animal magnetism and the bonus pool, he inspires a Fierce loyalty among his warriors.
So Fierce that he can set the terms of the threatened integration with DKB. Where there's overlap, forget the adage "blending the best".
Tribalism rules. And if you belong to the wrong tribe, you don't come on board unless you have a very special talent, and can subordinate your own tribal ties.
Look at what happened last year to the debt capital markets team at Bankers Trust, or to some perfectly good corporate Finance talent at Union Bank of Switzerland after the reverse takeover by Swiss Bank Corp. There are forces at work more powerful than the authority of those comparatively underpaid members of the European banks' managing boards.
Investment bankers could be forgiven for kidding themselves that they are, after all, masters of the universe.