The very male bonhomie of the Australian investment banking class has been shattered by the Australian Competition and Consumer Commission’s (ACCC) criminal cartel charges to be filed against ANZ, Deutsche Bank and Citigroup (as soon as Tuesday).

In fact, it would be fair to say that nothing has driven a wedge through the masters of the Australian financial universe as much as one of the class -- JPMorgan, the local arm of the US giant -- turning tail and dobbing them in. This development runs all the way to the New York headquarters of Citi and JPMorgan and the US operations of Deutsche (which is the world’s weakest "bulge bracket" bank at the moment).