Extraordinary performers

Matthew Lynn

It would, it seems, take a lot more than a burst stock market bubble, a global recession and a war with Iraq to topple investment banks

Casual extravagance has always been the one thing investment bankers like most. But for the past two years, every natural instinct they possess has had to be ruthlessly suppressed. Thousand-dollar bottles of wine were left unordered. Glittering towers of chrome and glass were left unoccupied. Million-dollar bonuses were left unpaid. But now there are the first faint signs they can get back to being their natural selves. In investment banking, the good times seem to be coming back. The only odd thing is that no one wants to talk about it. Earlier this month, Lehman Brothers said it was ...