It is no surprise that several high-profile equity analysts and heads of research are heading for the door. Scandals, negative press, tighter regulation, bearish markets and lower compensation have made their jobs less palatable.

"Analysts are much less critical to the organisation than they used to be. They are no longer the centre of attention or hold the power that they had during the bull market. Analysts are still important but the sales trader role has also grown as a focal point for the client," says one market observer.