It is that time of year again, the season of mists and mellow fruitfulness and dreams of nice plump bonuses. Except that for many this year, they are likely to remain just that – dreams.

Back in the warm days of summer, it all looked much rosier. The markets were ripening nicely, George Osborne had declared a "new settlement" with the City and the signs were that the retrenchment at Barclays, Deutsche Bank and Credit Suisse might be less than feared.