Hiring may have resumed at a senior level, but it's not much consolation to financial services recruiters who've spent the past 18 months struggling for survival. In the absence of a widespread return to recruitment, many are now opting for consolidation.

In the past few weeks, Korn Ferry has betrothed itself to Whitehead Mann, and Hanover Search & Selection has done the deed with Napier Scott.

Future spin offs may yet include Correlate Executive Search (formerly Akamai and Alexander Mann) after its new owner Hexagon Human Capital reported a loss of £5.5m after tax in the last financial year.

However, Hexagon CFO Carl Thompson said there are no plans to spin off Correlate and that the company is looking strategically at all its businesses as it positions itself for the future.   

Thompson also pointed out that Hexagon's loss was due to a one off impairment charge of £7m.