Morgan Chase, have found it hard to break into Wall Street's top half-dozen firms, the bulge bracket.
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But Wall Street is more than the A-List of the bulge bracket banks.
The bulge bracket banks like Goldman Sachs and JP Morgan Chase have done well because of QE2.
Two things drive the oil market: the price targets set by the big bulge bracket banks, namely Goldman Sachs, and China.
Housing loans are not packaged up into sophisticated investment products for hedge funds and the bulge bracket banks to play around with.
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But Deutsche Bank's quickest entry into the bulge bracket would be to buy one of the big investment banks already in it.
ECONOMIST: Germany's biggest bank regroups to storm New York
But its outlook is more challenging if all contingent liabilities are taken into account, from states and municipalities to the bulge bracket banks run by Beijing.
The Human Rights Foundation last week slammed Goldman Sachs for their ongoing relationship with the Russian government, saying the bulge bracket bank was basically aiding and abetting a criminal enterprise.
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For one, the U.S. housing bubble imploded after bulge bracket banks could no longer bare the losses associated with mortgage backed securities, and the ultra leverage used to buy sub prime real estate loans.
An ever-tighter squeeze on the profits of financial firms may tempt them to take bigger risks in their proprietary trading operations, in the hope of staying independent long enough to make it into the bulge bracket.
When you are standing in front of a building housing a bulge bracket investment bank, such as Merrill Lynch or Morgan Stanley or Goldman Sachs, or a financial powerhouse, such as Citibank or JP Morgan or UBS or Deutsche Bank, you know very clearly whose headquarters you are loitering in front of, which a double skinny latte in your hand.
In buying a bulge-bracket firm, Mr Ackermann would round off his Karl May adventure.
ECONOMIST: Germany's biggest bank regroups to storm New York
He was the only chief executive from a big bulge-bracket financial firm to be in the audience.
The other competition is really about automating the institutional trades from what they were at the major bulge-bracket firms.
Before the speech, a cohort of financiers from bulge-bracket banks, hedge funds, and NYC city government chatted amongst each other.
On big equity deals it says its sales people place more stock with non-Brazilian investors than the bulge-bracket firms do.
Did the optimism of the big Canadian bulge-bracket firms start hitting the buy buttons to double the stock price in a few months?
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Alone, neither has an investment bank equal to America's bulge-bracket.
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