As the editor in chief and I pointed out recently, happy days are here again in the financial services industry. Just three months ago, markets seemed to be heading back into the abyss and there were long faces everywhere. Only the bears were smiling.

Now there's not a teddy in sight and, if the new, low-key Merrill Lynch hadn't emasculated its famous Thundering Herd, we might all be trampled. With not just one, but two fizzy quarters behind them, my pals in the securities business are discreetly rubbing their hands with glee as they allow themselves to think about year-end bonuses. Last year the cash bonus cupboard was largely bare, but all those lovely options they received in lieu are now in the money. I have even had calls from contented headhunters who say business in selected areas is picking up but no, I don't see any point in naming those recruitment agencies that have meekly accepted fee reductions to less than 20%. Why shouldn't executive search houses discount in the same way as Asda or easyJet if they choose?