It is merger season in Silicon Valley. More than $100bn in technology deals were done in the first half of this year alone, according to Mergermarket. The numbers for the second half will probably be even bigger. The year-end tally will include Facebook’s $19bn acquisition of WhatsApp, Oracle’s $5.3bn purchase of Micros Systems and a significant entry from normally deal-shy Apple, which has agreed to buy headphone maker Beats for $3bn.

Amid all of this, one element is missing: bankers. Investment banks are used to earning big fees when corporate clients absorb other companies. But many big deals are being completed without the buyer using any investment bank at all.

This is heartening news for all of us who think that financial services companies in general, and investment banks in particular, are too big and too important. No longer is being an investment banker seen as the best way for a young, talented graduate to make lots of money and achieve great worldly success. Smart kids are moving to San Francisco rather than New York or London. They fund their start-ups with west coast money, build their companies with west coast talent and see multibillion-dollar deals being done between members of their west coast peer group. It makes little sense to turn to an east coast investment banker for “expert” advice on career-defining strategic decisions when there is no reason to believe that expert has a deeper understanding of your industry than you do.