After 40 years of self-imposed isolation, Syria has finally opened its doors to foreign banks. Last month the economy minister Mohammed al-Imadi issued banking licenses to the three Lebanese institutions: Banque Européene pour le Moyen Orient, Fransabank and Société Générale Libano-Européene de Banque (SGLEB).

Fiercely independent managers grew their research-oriented boutique from little Donaldson, Lufkin & Jenrette into one of the most successful Wall Street firms in the best businesses: equities, high-yield debt, private equity and online broking. For years, DLJ clung to its distinctive culture while owner Axa happily pocketed dividends. Now the French insurer has tossed it to CSFB and no-one knows if the two can work together.

Chairman, Barclays Bank, Germany

Managing director, The Europe Company