As the dust settles on recent mergers, the real challenges for the merged entities are about to begin. Forging a strong and cohesive culture is a key success factor for an investment bank, says Tom DeLong, Professor of Management, who worked closely with Morgan Stanley in changing its culture in the 1990s.

'Banks place a strong emphasis on serving customers, but the most important thing is attracting and retaining staff,' says DeLong. 'Corporate culture has become increasingly important. Bringing numbers to the bottom line is no longer the only thing that counts.'