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Having so long been the whipping-boy of its big cousin in London, the German futures exchange (Deutsche Terminbörse - DTB) can be forgiven for taking a full-page advertisement in the Financial Times in March to trumpet its victory.

Does Stephen O'Sullivan know something we don't? The former head of research at MC Securities in London has decided to move to Moscow to join the more discreet United Financial Group (UFG), a majority Russian-owned investment bank. The leading oil and gas analyst in the Russian market admits that the sale of MC Securities' Russian business (United City Bank) to Flemings has triggered his decision.

After decades of steady growth for six big banks, the Canadian banking sector is fast consolidating. The old certainties have been undermined by the announcements of mergers between Royal Bank of Canada and Bank of Montreal in January and Canadian Imperial Bank of Commerce and Toronto Dominion Bank in April. The rush to merge follows a global trend fuelled by the need to cope with increased competition, and was stimulated by the BankAmerica/NationsBank merger in the US. But unlike their US counterparts, RBC/BMO and CIBC/TD have to run the gauntlet of rigorous banking regulation, entrenched political conventions and hostile popular opinion.

The fans love them both. Weill, the deal maker, is adored by Travelers' employees who hold big stakes in the company. Meanwhile Reed has kept his iron grip on Citibank by juggling his managers and mastering detail. The culture of the two companies is as different as the style of their CEOs. But the combination could be spectacular - if they can make it work. Peter Lee takes in the show.

FX Poll 1998: The Results

FX Poll 1998: The Results

Decision time for Brazil's top bankers

Decision time for Brazil's top bankers

Leaders of Africa's new deal

FX Poll 1998: The Results

Investment bankers are sometimes accused of seeking an image that is more pin-up than pinstripes. One of their number at least will be among the throng at the Cannes film festival, but she will be quite happy for the paparazzi to keep their lenses trained on the starlets cavorting on the beach. Premila Hoon will be looking for projects to launch Société Générale's new film-finance business.

Richard Strang has spent almost all his 20-year City career at Morgan Grenfell (latterly Deutsche Morgan Grenfell), and appears, in demeanour at least, a very English banker. A tall, commanding presence, opera-loving Strang is known for his intense loyalty to his clients, for his unusual capacity for hard work and for tempering his politeness with determined persistence.