Spare a kind thought for the better headhunters in the financial services industry. OK, scalpers may not be at the top of your sympathy list but there were many instances of inspired individual hirings last year, which suggest that the premier executive recruitment houses deserved their fees.

But what separates the headhunting wheat from the chaff? In the investment banking and securities trading industry, you have to know these businesses as well as the people you are trying to recruit. That knowledge will lead to lucrative retentions and fees. You become the toast of your clients. What a pity acquiring that inside knowledge isn't that simple.