Compared to sweeping roads or cleaning toilets, the job of a technology, media and telecoms banker is not tough, but it has become a lot harder over the past five years. After the heady days of 2000, they were among the biggest victims of the cuts at investment banks.

Now they are back in positive mood. Harry Hampton, head of TMT advisory at JP Morgan, said: "From the roller coaster of 1999 to 2000, there was the disappointment of the last three to four years and now we are seeing a return to some of the themes of convergence first discussed in 1999."