But things have changed. The global majors have been distinctly humbled by the financial crisis.

At Investec's results presentation this week, one got the feeling that group CEO Stephen Koseff was enjoying his job.

Even Goldman Sachs, the unassailable money machine of the global investment banking industry that has made $8.4-billion profit so far this year, has taken a beating in the public perception arena. The Financial Times newspaper's Lex column has pointed to accusations of Goldman Sachs being "a blood-sucking vampire squid", of it grabbing swine flu vaccines, and even to its cruelty to kittens.

Relative to that opprobrium, Investec is saintly - though a reputation for cruelty to kittens is probably a badge Koseff would wear with pride.

For Investec, being small is suddenly an advantage. It can operate far from the public glare that the majors must face, and even capitalise on their efforts to reform themselves. It has had great success in building up its capital levels and liquidity over the past six months (deposits grew 24% to a new record level for the group) and, in certain areas, it is seeing business volumes improving.

Things have certainly been tough - profits were down 11% to just more than R2-billion (about a 30th of what Goldmans made in the same period) with bad debts in its private bank a particular source of pain. But, in Koseff jargon, Investec is "open for business", with the group's business divisions now "on the front foot".

The proprietary trading business, through which Investec takes bets on the market using its own capital, had a particularly good six months on the back of trading European distressed debt and South African interest rate movements.

The commercial and investment banking businesses are looking good, and a record level of assets under management should yield pretty good revenue.

But I expect the most exciting opportunity for the bank is going after businesses likely to be shed by majors. As Koseff put it on Thursday: "As other businesses restructure, there may be things that fall off the bus." Investec might be at a rare window of opportunity, through which it could step to become a more significant global presence.

Investec does not exactly have the cleanest record when it comes to acquisitions. The purchase of UK mortgage lender Kensington was particularly poorly timed, as the crisis was breaking; not to mention Fedsure, the digestion of which still brings waves of nausea to the Investec brass. Then there was the series of US acquisitions which it later had to undo systematically, leaving little more than a sales office in New York.

But with many banks trying to consolidate after the crisis, there are sure to be assets for sale, and some will suit Investec perfectly.

Koseff said the group had hundreds of proposals, and looked at them carefully. But in key markets - the UK and Australia - the present environment provides a clear chance to acquire some scale. Investec has always wanted to increase the contribution of non-South African business to the group, but has moved backwards in that respect in recent times. It is now ready to pounce.

• Standard Bank has been busy on the staff front.

The appointment of Fred Phaswana as chairman is a great step for the bank. Deputy chairman Saki Macozoma said he did not want the job, being sensitive to how his being close to the COPE political party might affect the bank. Phaswana was passed over for the Anglo American chairmanship a few months ago, and now departs the Anglo board to take the role at Standard Bank.

The bank has also appointed a new head for South African investment banking in Kennedy Bungane, whose star has risen rapidly since he drove the financial services charter process in 2003. He replaces Dave Munro, who has been promoted to head the global investment banking business.

This reminds us that Absa is hunting for personnel. It will need a financial director when Jacques Schindehütte departs next year.

Dave Brink has been acting chairman since Gill Marcus went to the Reserve Bank. Brink, an Absa director since the group's birth in 1992, has a useful depth of experience - especially after the bank's many recent changes at the top. But, at 69, he is an unlikely candidate for the permanent job.

Feedback: banknotes@intellidex.co.za. * The writer holds Investec shares.