For some in the City, 2022 has been a year to forget. If you work in equity capital markets at Credit Suisse and have a personal account at FTX, it has probably been a bit of a car crash. For lower-paid workers struggling with rising living costs, it has not been much fun either.

But for most, it hasn’t been that bad, considering how grim the news has been elsewhere. Post-pandemic labour shortages meant that jobs were plentiful and pay generous, particularly for juniors. Although there have been job cuts in recent weeks, they have been pretty modest. So far.