Here Is The City takes a brief look at how firms are currently viewed by the market.

In Vogue

Barclays Capital

A lean, mean fixed income machine. But will the proposed deal with ABN AMRO be one deal too far ?

Goldman Sachs

Despite a less than sterling performance from the Goldman Global Alpha hedge fund and somewhat flat second-quarter earnings, the firm remains top of the global M&A league table and top of the heap in the financial markets.

Morgan Stanley

Two years on from CEO John Mack's triumphant comeback, Morgan Stanley is back at the top of its game. Impressive second-quarter earnings have reinforced the view that the firm is the only likely candidate to overhaul Goldman.

On The Rise

Commerzbank

No longer the 'comedy bank', Commerzbank has got its act together and is waiting for the right firm to come along and make an offer the firm's CEO can't refuse.

Credit Suisse

New CEO, new energy. Credit Suisse is coming off the back of a couple of good years. All eyes now on the firm's second quarter profit numbers.

Deutsche Bank

CEO  Josef Ackermann has delivered on his promises, contained costs and seen his bank's share price rise. Expect further progress up the global investment banking league tables.

Jefferies & Co

The best things, they say, come in the smallest packages. Good earnings numbers, an impressive executive team and the strong desire to put clients first, continue to allow Jefferies to punch well above its weight.

JP Morgan

Despite CEO Jamie Dimon's best efforts to p.ss off those big earners over at the investment bank, the company is slowly getting its act together. Expect another big deal some time soon.

Merrill Lynch

Impressive recent earnings and an efficient and determined executive team. Now longer 'Mother' Merrill, more like 'Mutha' Merrill. The firm's now got balls.

Stalled

Bank of America

The firm's top executives still think Paris is in Texas. Until they appreciate that there is life outside Charlotte, Bank of America will only be Big in America.

BNP Paribas

Doing well in France and in equity derivatives, and running the investment bank tightly from Paris, the firm has yet to show that it can play on a wider stage.

Dresdner Kleinwort

Stuck between a rock and hard place - neither a big global player, nor a niche firm. Waiting for German owner Allianz to make up its mind whether to get rid of it or believe in it enough to invest so that it can act like a proper player.

Lazard

All quite on the Lazard front. Although still punching above its weight in M&A, concerns are growing about how long the firm can stand-alone given that it isn't a fully integrated investment bank. The company's share price has also fallen back from highs.

Lehman Brothers

The rise and rise of one of Wall Street's coolest firms has stalled somewhat of late. Despite impressive second-quarter figures, the firm has started to leak bankers and many are grumbling that tight controls on costs may be starting to impinge on the ability to do business.

Nomura

A firm with huge potential - if only it would delegate more authority to international executives.

Royal Bank of Scotland

Need to land a big deal, don't you Fred ?

Societe Generale

As for BNP Paribas (see above)

In The Dog House

Bear Stearns

The firm's much-publicized hedge fund-related problems may not result in any significant impact on earnings, but Bear's reputation on the risk front has been damaged.

Citi

In the midst of a major restructure / cost-cutting exercise in an attempt to appease shareholders, CEO Chuck Prince continues to have an uneasy hold on the top job. He must do more than simply fire staff, off-shore and outsource if he is to continue in the hot seat.

HSBC

The bank's share price isn't doing much. The firm's latest attempt to make it into the investment banking big time has failed. Recent lending problems over Householders International in the US highlighted risk / control concerns. Calls for a break-up of the empire are increasingly being heard.

UBS

Oh, how the mighty have fallen! Three disappointing earnings quarters, the closure of a high-profile hedge fund business and a less-than-impressive share price (UBS's 12% rise this year compares to a 31% increase over at Credit Suisse in the same period) caused CEO Peter Wuffli to lose his job. It'll be all change over at UBS now, as new CEO Marcel Rohner starts to stamp his authority on the bank. Expect some more senior executives to leave, and costs to be screwed down over at the investment bank.

West LB

Recent prop trading losses have caused many to question where this firm is going. Should it box clever and pull back the wagons around Dusseldorf ?

Dead & Buried

ABN AMRO

Enough said.

Calyon

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