After a series of hiring raids and mandate changes in the past 18 months, the UK's corporate broking landscape enters the new year in a much-altered form.

More than a quarter of FTSE 100 companies have reviewed their broking arrangements since mid-2004. Many of the City of London's most prestigious names suffered client losses while US investment banks increased their market share of blue-chip broking clients. More changes are expected this year but bankers agree that the corporate broking sector is emerging from its most turbulent period.