In an industry beset by uncertainty, it’s refreshing to meet a banker happy about his or her place in the markets. One such is Brendon Moran, who is pleased with how the financial crisis has benefited his business.

He said: "Perversely, DCM has had a good crisis. For so long it played second fiddle to the banking market because banks were lending at ludicrously cheap levels. It was very hard to convince someone to take on the cost differential between the two."