The fall-out from the recent spate of investment bank mergers may not be as draconian as some fear. Job losses resulting from Credit Suisse First Boston's takeover of Donaldson, Lufkin & Jenrette, and Chase Manhattan's acquisition of JP Morgan, could even be a blessing in disguise, says Michael Moran, executive director of Meridian Consulting in London.

'It's always an opportunity rather than a tragedy for the majority of people. People who want to stay in the world of finance will remain if they really wish to do so, but for those with itchy feet, it represents the perfect opportunity to head elsewhere, with an impressive array of transferable skills.'