Corporate bankers who want to escape the rigours of the London transport system are in luck. Recruiters say there is plenty of hiring in the provinces.

“Expansion is now widespread and encompasses the major conurbations in the Midlands, the North, Scotland and Wales,” says Steve Dodd, a consultant at corporate banking recruiter Healy Hunt. “Tier two banks, including the Irish and continental Europeans are looking to expand.”

The impetus for the move is apparently Basle II. Dodd says the stringent capital adequacy requirements imposed by the new regulations mean banks need to improve their profitability. Doing more business with regionally based mid-cap companies is one way of achieving this.

Corporate bankers migrating to other UK cities may even be able to do so for similar pay. “Clients want the best in terms of relationship and business development experience,” says Dodd. “Why should London command a premium over Manchester and Leeds?”