With prices from base metals to hog futures spiralling upwards, prospects are improving for commodities staff. Energy trading, in which banks are large players, is sharing in the better outlook after suffering hard times following the collapse of Enron, the US energy group, in 2001.

Since banks such as Merrill Lynch, Lehman Brothers, Credit Suisse First Boston and JP Morgan slimmed operations or pulled out of sales and trading, the tide has turned. Banks are recruiting, with an eye on derivatives staff.