In yesterday's Financial News, we revealed that the investment banking industry has shrugged off the financial crisis of the past three years with new analysis that highlighted how revenues so far this year are down just 15% from their zenith in 2007. The analysis compared the financial performance of a basket of 20 investment banking division of big banks between the first half of 2007 and the first half of this year. Revenues and profits of those which existed in 2007 - but which have since been acquired - weree incorporated with their new groups to produce pro forma results.

The figures show that far from limping out of the crisis bedraggled by regulation and dogged by uncertain markets, many of the investment banking divisions are not only in rude health but are more profitable per capita than in their highly-leveraged heyday three years ago.