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Ever thought about dropping out of the City or Wall Street, and setting up your own little business, producing something real and tangible, perhaps even socially useful, and fostering it all the way to an IPO? If you're an investment banker, the answer is probably ... yes.

Credit becomes a special case

Edited by Brian Caplen

Richard Deitz didn't realize how provocative his new firm's name would be when he set it up in Moscow after the crisis. VR Group, the snipers say, stands for "vozrozhdenie or vozkrezenie Renaissance" - Russian for Renaissance revival or resurrected. Others claim it means virtual Renaissance.

There can be no stronger sign of progress in Russian financial structuring than the news of the revival of Inkombank, one of the institutions worst hit in the crisis.

When the ministry of finance regulated banks in Japan the watchdog turned a blind eye to foreign banks doing things domestic ones couldn't. Not that there was anything illegal in the lucrative business of creating structured deals for firms intent on disguising losses. The new regulator - the FSA - takes a different view and has imposed an exemplary clampdown on Credit Suisse. There's apparently a limit on the number of times something legal can be done if it's deemed against the public interest. The bankers are bemused by the vagueness of it all and so is our reporter Steven Irvine.

It's huge, it's teeming with wild creatures, and it's fragile. In 1994 Deutsche Bank began to build an investment bank. In 1998 it restructured itself around corporate and investment banking. In 1999 it totally absorbed Bankers Trust. The result is a behemoth that relies heavily on global securities markets and the charisma of one man. Is this a safe vehicle for the next millennium? David Shirreff reports

Life after the crisis: Asia moves on

When Armínio Fraga quit his job at Soros Fund Management to become Brazil's central banker he was dubbed a "poacher turned gamekeeper". But he is no stranger to the public sector. With stability restored he is now modernizing Brazil's finance sector. Brian Caplen reports

Credit becomes a special case

Plummeting oil prices, turmoil in world markets and natural disasters: José Angel Gurría's first months as Mexico's finance secretary were a baptism of fire. But his legendary powers of persuasion enabled him to make vital budget cuts to keep Mexico on track. By Brian Caplen

Croatia has too many banks and most of them are poorly run. Bad debts are on the rise. Related lending has been widespread. The government has taken some banks under its wing and hopes to rehabilitate and privatize them. Yet fundamental reform of the sector is coming too slowly and in insufficient doses. Alex Mathias reports.