Back in the spring, there was a brief period when it looked as if the great corporate deal drought might be ending. A flurry of bids for UK companies by private equity firms sparked hopes that investment banking fees might start to flow again, reducing the risk of another round of banking job cuts.

But it proved short-lived. Animal spirits in the boardroom were dampened by the failure of several regional US banks and the meltdown of Credit Suisse, which raised fears of a broader financial freeze. In the US, the political brinkmanship over the government debt ceiling also hit corporate sentiment.