In the absence of a magic wand, bankers must face the fact that this year is not going to taste as sweet as the 2014 vintage – but in Europe there is optimism that buoyant M&A will ensure a healthy flow of investment banking revenues between now and Christmas.

With the summer over and the countdown towards year-end coming into focus, Europe's investment bankers effectively have a three-month window left for dealmaking before the totals are tallied up.