Warburg was taken aback by the lack of sophistication in American finance compared to what he was accustomed to in Germany. He observed that German banks operated with a high level of organization and discipline, similar to a military structure. In contrast, American banking seemed to be fragmented, characterized by a strong focus on individualism.

This stark difference led Warburg to conclude that American financial institutions were not as cohesive and cooperative as those in Germany. The extreme individualism prevalent in the U.S. banking system contributed to inefficiencies and a lack of unified strategy in financial operations.