In a year of industry turmoil, JPMorgan Cazenove managed to maintain remarkably steady staff levels in 2008, with the number at 795 - down one from the year before, according to its annual report.

One person who did leave Caz was former chief Robert Pickering , who seems to have received cash compensation for loss of office of £494,000 along with £2.1m worth of shares whose vesting date was brought forward.