Thanks to some well-presented full-page advertisements in the financial newspapers, we are probably all aware of Deutsche Bank's success in international fixed income and international equities. These are the personal fiefdoms of Deutsche superstars Edson Mitchell and Michael Philipp who were elevated to the main board of directors. As I have said in these columns in support of Mitchell, 'and about time, too'.

Mitchell's personal accomplishments need no qualification as he seems to have created a public relations machine which almost eclipses that of Guy Hands at Nomura. However, don't forget that just a fortnight ago, a fawning New York securities analyst said there was no doubt that Deutsche was now considered to be a member of Wall Street' s elite bulge bracket.