There has been keen interest in the latest bonus round at the investment banks, which is hitting fresh peaks of munificence on both sides of the Atlantic. Most of the comment has been prurient, or disapproving, or both.

But the question is what the pattern of the bonuses tells us about the markets. A survey from Armstrong International, the European headhunters, shows which types of business are seeing the biggest rises in payouts and which the least. If some areas are hot and others not, what can we infer about market dynamics?