As global financiers, industry chieftains, and politicians descend on Davos, Switzerland, for the annual World Economic Forum, there are clear signs of a shift in the trans-Atlantic balance of power.

American bankers are set to make their biggest splash at the Alpine jamboree since the failure of Lehman Brothers Holdings triggered a near systemic collapse in 2008. Citigroup CEO Vikram Pandit, who kept a low profile in previous years when the U.S. Treasury was keeping his bank afloat, will serve as one of the forum’s six co-chairmen, a high-profile role that signals his return to the global elite. Brian Moynihan will lead a big team of senior executives from Bank of America Merrill Lynch. Also attending is Jamie Dimon, who boasted last week that JPMorgan Chase & Co. was taking market share from troubled European banks. And Morgan Stanley chairman and CEO James Gorman will make his Davos debut.

In contrast to the previous two years, when U.S. bank executives spent much of their Davos time huddled with politicians and regulators in an effort to soften the blow of tighter regulation, this year they will be focusing their energies on the traditional pastime of cutting deals on the sidelines of the forum’s gabfest. The atmosphere is far from ebullient, considering the economic uncertainty and profit pressures that Wall Street faces, but it marks a welcome return to business first.

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