Analysts and their corporate finance colleagues have always had a tricky relationship. The fallout from the TMT collapse, Enron and the most recent investigations by New York State attorney general Eliot Spitzer into advice given by Merrill Lynch have raised questions as to whether the two groups can sit side by side within one organisation.

While many would like to see the ties broken, industry observers believe the more likely outcome will be the reinforcing and rebuilding of the so-called Chinese walls.