Triumph of the investment bankers
The title of this piece should be called "the triumph of the investment bankers and finance directors".
Because something rather remarkable has happened at the UK's big four listed banks with the appointment of Doug Flint as chairman of HSBC and Stuart Gulliver as chief executive of that huge bank.
It means that - if we exclude from consideration Eric Daniels, who is quitting as chief exec of Lloyds and is yet to be replaced - every single chairman and chief exec at our biggest banks is either an investment banker by training and temperament or a former finance director.
Which tells you something about the culture and ambitions of our banks.
Here's the list.
Royal Bank of Scotland: the chairman is Sir Philip Hampton, a former investment banker (Lazards) and former finance director (lots of places, but notably at Lloyds); chief executive is Stephen Hester (not far off 20 years as an investment banker at CSFB, before stints at Abbey and British Land).
Barclays: the chairman is Marcus Agius (an investment banking lifer, from Lazards); newly appointed chief executive is Bob Diamond (perhaps the quintessential modern investment banker, as de facto creator of Barclays Capital).
Lloyds: the chairman is Win Bischfoff (another investment banking lifer, from Schroders and then Citi).
HSBC: the new chairman will be its long serving finance director, Doug Flint; and the new chief executive will be Stuart Gulliver, feted as having created a highly successful investment banking operation at HSBC.
So what does the takeover of the investment banking and finance cadre mean for these banks and for us?
Well, it shows that the focus of these huge, complicated and sprawling organisations is managing risk.
Which is probably a very good thing, if we remember that rather nasty accident in 2008 - when our banks were run by a miscellany of so-called professional managers and assorted grandees.
But there are other implications, which some will see as not quite so positive.
First, the absence of what you might call a proper retail or commercial banker from these top jobs might lead you to fear that providing the best possible service to customers isn't their metier or top priority.
Second, the ideology and instincts of this new financial ruling class were conditioned by having lived and breathed the recent years of financial globalisation, the erosion of barriers between investment banking and retail banking, massive financial innovation, the pervasive spread of the use of complex derivatives, and the rise of securitisation.
That implies they regard complex global universal banking as the natural order of things - which they may defend against radical change and reform, because it is their world.
On the whole, they take the view that the notion of the banking industry being reconstructed so that it became simpler to understand, more transparent and easier to manage, well they see that as naïve, futile nonsense (they've told me as much).
It also means, if there were any doubt, that the government's new banking commission will probably be fighting the banking industry every inch of the way, in trying to take the risks for taxpayers out of banking.
That said, many would say that our banks are in safer hands - because at least the new bank bosses are equipped to understand and manage the highly complex risks that their banks are running.
The question is whether they're also the appropriate people to take bold action to change the structure of their industry, so that mere mortals might have a better chance of grasping the risks they're running.
As it happens, the City watchdog the Financial Services Authority has encouraged - and indeed mandated - the appointment of these financial specialists to these highly important roles.
And in terms of experience and expertise, the top team running the FSA doesn't look that different fromt the top teams running these banks: the chief executive, Hector Sants, is an investment banking lifer (perhaps best known for his years at DLJ and UBS); Lord Turner was a vice chairman of Merrill Lynch for a few years (although no one would describe Turner as an investment banker).
This is not to imply that Sants and Turner aren't tough on their former investment banking colleagues. They are frequently beastly to them.
It's just that we're all prisoners of our backgrounds. And therefore it must be of some significance that an entire industry, of some importance to the rest of us, is managed and regulated by investment bankers.