The first thing senior investment bankers normally do after leaving bulge-bracket firms is take a long holiday that for many is their first lengthy break in years. When Merrill Lynch International chairman Bob Wigley left the US bank late last year he sailed round the Galapagos Islands for a month. Others have opted for trekking in the Himalayas or lengthy sabbaticals at prestigious academic institutions.

Most are contractually forbidden from working for their rivals for up to a year and, considering the tumult of the past two years, were probably relieved to be as far away from the industry as possible. However, as markets turn the corner and non-compete clauses expire, the lure of a return to centre stage is likely to prove too great for some of the industry's heavyweights.