After years in the doldrums, the fixed income, commodities and currencies business turned a corner in 2016. Banks that had rethought their FICC strategies during the tough years must now decide whether they need to think again.

Joseph Leung thinks they will. The managing partner at recruitment firm Aubreck Leung believes that banks that scaled back their FICC sales and trading businesses while industry revenues fell went too far. He thinks they will now need to bulk out their senior benches as the business bounces back.