So, 2010 was a great year for....

2010 wasn't a bad year. It was however, the polar opposite of 2009. While last year started badly and got better, this year started well and got worse. If you like your years consistent, it was confusing.

Nevertheless, despite the defunct third quarter and despite last week's downgrades for Q4 revenue expectations, 2010 could have been a lot more tortured than it actually was. According to the New York State Comptroller, financial firms in New York City could have their second most profitable year ever this year.

Evidently,, however, some people have been having a lot more fun than others. If 2010 was good for most people, it was especially great for the following:

1) Equity researchers

In 2010, equity researchers were pursued with an enthusiasm usually reserved for Justin Bieber.

As late as September, MF Global announced plans to hire 20 analysts before the end of the year. In July, Berenberg said it wanted 25 equity researchers and salespeople. Other equity research hirers included Unicredit, Numis, Collins Stewart, RBS, RBC, HSBC and Citigroup.

Such was the popularity of equity researchers that Exane BNP Paribas hired an entire team of top ranked banking researchers from Credit Suisse in November, at a reported cost of 5m+.

Banks' enthusiasm for researchers reflected their enthusiasm for cash equities. With margins declining in the equities business, all banks went in pursuit of scale and flow. Strong equity researchers were seen as a key lure for clients.

2) Accountants

2010 was a big year for jobs in the middle office (risk, compliance, finance), but it seems to have been a particularly big year for accountancy roles. By April, there was said to be crazed hiring of everyone from product controllers to financial controllers and regulatory accountants.

One recruiter dared estimate that there was more middle office hiring in Q2 and Q3 of 2010 than during the same period of 2007. Later in the year, accountants with knowledge of IFRS 9 were abnormally popular.

3) Jefferies

A lot of banks increased their headcount a bit in 2010, but Jefferies increased its headcount a lot. Between December 31st 2009 and November 30th 2010, Jefferies' headcount rose 17%. Some of this hiring happened in Europe. Despite the proximity of bonus payments, Jefferies even added 8 new FIG bankers, in late December.

Unfortunately, Jefferies' massive expansion wasn't matched by a massive increase in revenues. Net revenues in the 11 months to November 2010 rose a mere 2% on the same period of 2009. All that really increased was the compensation ratio, which increased from a low of 44% in the fourth quarter of 2009 to 59% in the same quarter of 2010.

4) Royal Bank of Canada

Like Jefferies, RBC Capital Markets engaged in some enthusiastic recruiting this year. By June, the bank said it had hired 530 people for its capital markets business (140 of whom were in Europe) and that it still wanted 50-75 people more. The focus was equities, government debt and rates, and corporate finance.

In December, Gareth Hughes, the head of HR at RBC Capital Markets in London told us the bank was a 'fair way' through its hiring plan, with senior hires mostly in place. Hughes also said 2011 will be mostly about building the next tier down.

5) Rates

Rates businesses had another good year in 2010 and hiring reflected this. Poaching was prevalent with BofA raiding BarCap and BNP raiding Deutsche. RBC also made double figure hires to its rates business. And Morgan Stanley was still looking for rates professionals late in the year.

6) Credit

The first quarter of 2010 was abnormally good in credit. According to Reuters, trading revenues at US commercial banks increased 300% in the first quarter. A 'sharp rebound' in credit trading was thought to be the culprit.

Never slow to miss a bandwagon, banks rushed to hire credit salespeople in particular, with Credit Suisse, Lloyds, Morgan Stanley, Tokyo Mitsubishi, UBS and Jefferies all stocking up.

By the third quarter, the credit business had completely lost its lustre. This was immaterial to many of those hired, who came on guarantees.

7) Arlene McCarthy

2010 was the year in which things went right for Arlene MCcarthy.

As Vice Chairman of the EU's Economic and Monetary Affairs Committee, Arlene was behind the CEBS bonus rules which could mean some senior bankers receive less cash in the next bonus round than some mid-ranking ones. She said the final guidelines will prevent bankers in the City dodging the rules.

Separately, as a member of the European Parliament, Arlene received an increase in her tax free expenses for which there is no need to provide receipts to 91k a year. She said this was necessary as the cost of living has risen in Brussels.

8) Bob Diamond

Bob Diamond also had a fabulous 2010. Not only did it emerge that he is known among the BarCap hierarchy as Bobtimistic for his irrepressible joie de vivre, but he was elevated to the position of CEO of the entirety of Barclays.

As we pointed out, this may have disadvantages long term, but for Bob it was a good thing. Even better, it emerged that he is assuming his new position three months early.

9) Senior M&A bankers

2010 was also a monumental year for senior M&A bankers. Even though there weren't as many

fees as hoped, and although announced M&A didn't bear much resemblance to completed M&A (see below), banks hired a lot of senior M&A rainmakers in anticipation of a revival soon.

Source: Dealogic, via KBW

The biggest move of the year was Christian Meissner, whose migration from Nomura to BAML was first reported by us in April. BofA also poached Adrian Mee. SocGen hired 25 senior M&A coverage bankers on what we understand were very generous packages indeed

BarCap also hired an impressive number of M&A bankers, many of them fleeing from Citigroup.

10) Headcount

Finally, 2010 was a truly wonderful year for hiring. In 2010, the combination of Goldman, Deutsche, Credit Suisse, UBS and JPMorgan added 9,836 people to their investment banking businesses (Goldman figures are for the whole bank). This compared to an addition of 58 in 2009 and a reduction of 13,436 in 2008.

The graph below (courtesy of analysts at Nomura) illustrates the extent to which banks have been hiking headcount. It's just a shame that revenues haven't increased too. The hope is clearly that this will come to pass in 2011.

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Source: Nomura