Alas poor Dresdner, I knew it well

I’m often accused, unfairly, with having a puerile obsession with the Second World War. It’s just that I think history often repeats itself. When I see parallels in the financial markets with events from 70 years ago, I just can’t resist mentioning them. Anyway, this week saw the Anschluss, I mean union by name, of Commerzbank Corporates & Markets and Dresdner Kleinwort. The move formalises yet another bout of consolidation, which as Mark Warms pointed out in his article last week, remains one of the dominant factors in FX.