The stunned expressions of employees leaving Lehman Brothers last week were a grim reminder of the painful consequences of redundancy, particularly for those who have experienced unemployment. “The overwhelming sense is one of being shell-shocked,” says Gavin Cullen, who lost his job as a senior associate in equity capital markets at Deutsche Bank in London during a wave of City downsizing six years ago. “One minute you are working 80 hours-plus a week – then, suddenly, it’s gone.”

Mr Cullen went on to build a successful career as an interim change manager, working on post-merger integration with investment banks, asset management firms and wealth managers. As a self-employed consultant he still puts in long hours. But his work is more varied and he has greater control over his life. “In a full-time role you work to a line manager. As a freelance consultant, you effectively work for senior management. If you want to take time off between assignments, you can.”