As someone who has worked in both the consulting and IB industries and now works in neither, I feel fairly impartial about this thread, but wanted to make a few points on the comments raised.
Before the MC's crow too much, after the government (who failed to do anything about this crisis in advance) who is the biggest buyer of MC time? I think it's the IB's? So hardly a case study on adding value to your clients here.
Might also explain why most of the big consultancies are currently either halting recruitment or making redundancies - as they see their forward load drop off a cliff as the IB's stop buying their advice. So don't speak too soon about redundancies.
Also, bear in mind that, so far, only a few guys in Front Office in ABS who caused this mess and have truly lost their jobs. But don't expect them to appear at the local dole office anytime soon given the bonuses they have been clearing for the last few years.
In fact, most of the front office teams at Lehmans have had at least two job offers to consider but then ended up staying on with the acquiring company who are gaurenteeing their total comp for the next two years. So even if the market crashes even further during that time then they are still getting very nicely paid thank you very much.
Yes, PWC are doing nicely, but that's in the accountancy side. And even there the Partner at the top has probably spent 20 odd years working hard to clear c£500k last year. Most of these Bankers would consider that as a bonus and while they work some hours they at least get home to the wife and/or (depending on which day of the week it is) girlfriend. No schlepping up to Teeside Monday to Friday for them to work in the PMO or code bash the latest widget counting ERP.
You haven't seen the bankers in the strip bars as MC's can't even get into the ones they frequent and even if you could you wouldn't even be able to afford to watch.
The guys with the bad haircuts you refer to are more likely to be back office settlement kids, who unfortunately probably are suffering right now. However, given they tend to be two years out of school (I mean comprehensive, not Business School) and they are clearing 50-60k a year (the same as an M1 at ACN?), don't feel too sorry for them either.
All in all, I wouldn't be crowing that the IBers are finally getting the same press the MC industry has for years. I'd also say it is Consultants 1 Bankers 5m (£).