This is the first FN 40 Under 40 Rising Stars in Investment Banking, Financial News’s editorial pick of the bright young things in the industry.

It doesn't take a genius to work out that investment banking has had yet another annus horribilis, and next year could be even worse. The endless saga of the eurozone crisis, the unhalting march of regulators and the spectre of Europe-wide deleveraging hold all parts of the business in a vice-like grip.