Fresh insight from Goldman Sachs International- the proxy for the US bank's European business - show a dramatic reduction in headcount last year, with the investment bank suffering the biggest percentage fall.

The division was back on the front foot last year, despite a 15% cut in headcount, after achieving a bounce in annualised trading profits, thanks to frenetic trading. As the graph shows, its revenues are close to being back at 2007 record levels.