Even if banks’ share prices were miraculously back up at the highs of early 2007, the sorry state of revenues means they would not exactly be doing a lot of hiring at the moment. But, with stock of most large institutions a ten year low, what little recruitment might otherwise have taken place in the current conditions is being discouraged. This is because with stock options underwater, no one can afford to move on.

Banks' human resources people say underwater stock options are significantly depressing staff turnover. "If you move to another organisation and your options are underwater, you won't get any recompense for them," says the head of recruitment at one firm. "It's definitely a factor that people consider when deciding whether to leave."