What do a Russian investment bank, a London-based boutique and a broker specialising in some of the world’s most dangerous markets have in common? The answer is they are all likely to be part of the first-quarter hiring spree expected next year.

While big banks such as Barclays Capital and UBS will dominate headlines, smaller firms are likely to be equally active at trying to pick up staff in the wake of what will be one of the most controversial and unpredictable bonus seasons of recent years.