Mummy, when I grow up I want to be a public sector DCM banker

Eighteen months ago smart graduates and associates wanted to work in structured credit, leveraged finance, derivatives or the corporate and financial institutions sectors where the adrenalin levels were high and so too were the fees and bonuses. Not any more. Now, as the capital markets emerge from the liquidity crisis the public sector business is back on top. Deal volumes are expected to rise sharply next year and so too, at long last, are fees.