Two main panels with shared neutral wire

Duplex Home built 1949
2 meters, 2 main service disconnects contained within 2 - 100 panels. Shared service mast.
The panels have been upgraded, the service mast has not.

The hot conductors appear to be run parallel from there respective meters. However there is only one neutral wire, that is landed at the bus of one of the panels. The second panels neutral comes from the 1st panels buss bar (on the opposite side of the neutral coming from the meter.)
Basically it is run series with the 1st panel and shares a neutral wire to the meter(s)

Is this a concern?

PS I am aware of other defects visible in the pic.

How do the feeder conductors get to each panel from the service disconnects?

Looks like individual conductors without a conduit.

The feeder conductors enter in from the conduit at the right. Total of five conductors (110/220 x 2) and one shared neutral conductor.

The neutral for each feeder needs to originate at each service disconnect. With all of the other problems this looks like a rip out and start over.