ok, looking way ahead, what skills what will be in demand - risk management, compliance, business intelligence? Clearly the city needs a new, less risky business model, by planning ahead we get in place the skills needed. Thoughts?

Interesting.In the 80's we had "M&A". Then, in the 90's, we had the .com boom and a bit of year-2000 preparation work. So far, we've had nothing in the 2000's except a few minor blips such as SOX and the like. Maybe "credit crunch" fallout work is going to be the new cash cow for us all? I want to be first on the bandwagon.

Lots of companies in various industries are either looking at using or already using tools such as Lean & Six Sigma to reduce waste in processes and transform them altogether.Hopefully that will become more widespread as it can be a good way to save money without enforced redundancies and a leaner organisation is more likely to survive the next downturn in the market.

In light of the continuing climate change and impending need for new energy sources there will be a big need for environmental consultants.

Conversly Noah, consider that fossil fuels are now being (more) rationally priced. Throw in that industry/manufacturing demand for fossil fuels is likely to decline over the next 24 months.Throw in that 60% of energy efficiency/environmental spend is a PR stunt - just the kind of thing companies can't afford to be doing as much of. This is particuarly true now that fickle consumers care more about 20% savings than fair trade/organic/environment (thanks inflation/public confidence).Just a thought. I actually strongly shared your views up until recently, now I'm having doubts.

My colleagues relaibly inform me that risk management, asset management, capital adequacy development, performance management monitoring, regulatory framework design and incentisivation mechanism are particularly sought after in the current financial malise. Personally, I think capital asset mitigation and emerging market expansion are hot spots as well as the implementation of advanced credit monitoring and mitigation models.Any thoughts?ZB

No ZB. You can't have any thoughts. You'd only go and waste them.

ZB, I'd love to know where you work, who are your colleagues?Advanced credit monitoring might be a boom area but I think i'd rather take a long walk of a short pier than get involved in that mess. In any case, would bankers not be better qualified to do (continue to do) this kind of work? Perhaps with a lesson learnt and stronger regs. Note// the current crisis does not prove bankers are not qualified to do it, they probably still are more so than consultants.

ZB,you forgot to mention - balance sheet restoration will be the area to move into for 09

.. and gyrations, lots of gyrations.