Most investment banking businesses entered 2009 with a certain amount of trepidation, after three months at the end of last year in which their very survival was questioned repeatedly. But standing at the half-year point it is clear that rumours of the death of investment banking were greatly exaggerated.

Several are in almost rude health after two quarters of record revenues. Boom-time behaviour, such as guaranteed pay packages and big-name headhunting, has returned and banks are taking greater trading risk in flow business.