Investment bankers will gather tonight (Monday) for one of the industry's major annual awards ceremonies, but celebrations are likely to be subdued in the wake of the global financial crisis.
The International Financing Review (IFR) Awards - held at the Grosvenor Park Hotel in London's Park Lane - comes after a torrid year for the City, with investment banking giants brought to their knees and swathes of job losses.
City bankers have also come under heavy fire for the part they played in the credit crunch and turmoil that has followed in stock markets - and economies - globally.
It is understood that organiser IFR at one stage considered scrapping the awards dinner, while reports suggest some City firms have instructed staff to hold back the celebrations if they win.
The IFR awards has already raised eyebrows in light of the banking debacle. The now nationalised Northern Rock was presented with the prestigious Financial Borrower gong in January 2007 - less than a year before its infamous demise, which caused the first run on a UK bank in more than a century.
Bankrupt US investment bank Lehman Brothers, whose collapse last year sparked a second wave of the credit squeeze, has also previously picked up awards at the event.
This year's line-up sees JP Morgan pick up six of the nine top awards.
Part-nationalised banks Royal Bank of Scotland and Lloyds TSB are also among those on the honours list.
Organisers said they had seen a better-than-expected response from attendees and the ceremony is expected to see around 1,000 guests attend, although this is a reduction on the near-1,500 attendance of previous years.
Since launch 14 years ago, the awards has also earned a name as a key charity event, having raised more than £15.5 million for Save the Children and attended each year by the charity's patron Princess Anne.
Other key guests this year are set to include former Olympic athlete Lord Coe and BBC football pundit and ex-Liverpool player Mark Lawrenson.