What are the options for redundant corporate bankers?

So, 300 corporate bankers north of the border are being cut by Lloyds/HBOS and RBS is unlikely to be hiring after reporting bad debts in this area. What glimmers of hope are there for newly redundant corporate bankers in Scotland?

Sadly, they're few and far between. One corporate banker laid off in the first round of HBOS redundancies tells us that most his ex-colleagues have given up trying to find a similar position.

"I know of people who have moved into asset finance within a small broking firm, but the majority have either retired or simply moved out of financial services altogether," he says.

Obviously Lloyds and RBS are all 're-organising', which means downsizing to you and me, and the smaller organisations in Scotland - such as Barclays or Clydesdale - are unlikely to take on people in anything like the numbers coming out of the big players.

"Everyone I know is resigned to the situation and simply waiting to see whether they can hang on," says the banker.

But Colin Grieve, managing consultant at financial services recruiters Head Resourcing in Edinburgh, says: "I know of one bank which is looking to pick up 7-9 relationship managers. What's more, some of the smaller players are picking up business from the main two banks, which is increasing demand for people on an interim basis."

He adds that corporate bankers are applying their skills to other areas, with some moving over to insolvency advisory work, or less-specialised business banking roles.

Richard Park, country manager for Martin Ward Anderson in Scotland, says: "There are murmurs that hiring will pick up soon, and that there's a light at the end of the tunnel, but few firms are actively recruiting at the moment."