“Look! Things aren't so bad after all!” That was the narrative being spun inside City investment banks following the latest third quarter earnings season, as bank bosses used strong results announcements to inject some gusto onto the office floor. But if bank bosses seriously believe this will help lift staff morale they are way out of touch.

At Nomura's London office, a town hall aiming to put a "bigger spring in people's steps" and take happiness to "another level" took place immediately after it posted a strong set of results in its wholesale division on October 27 (six months after it cut hundreds of equities staff in Europe), a person close to the bank told FN on the day.