THERE WAS some rapid number crunching at last night’s IFR Awards for the investment banking community at Grosvenor House.

The multimillion-pound question: could the 1,000 assembled investment bankers between them find £1.2m to take the total raised for Save the Children over the event’s 17-year history to £20m? And all in eight minutes, which was the time hosts Natasha Kaplinsky and Jonny Gould gave the bankers to come up with the cash in the tombstone auction?

Of course they could – in the final tally, Goldman, Deutsche Bank, RBS, Merrill Lynch, Société Générale, RBC, Citigroup, HSBC and Barclays Capital between them hit that target – with £600,000 donated by Bob Diamond and friends.

No doubt Barclays Capital being named Bank of the Year was an incentive to dig deep – after a year when Barclays Capital transformed from “a debt-focused middle-ranking investment bank to a firm with a place at the financial industry’s top table”. “It has been a hard year,” Barclays Capital’s co-CEO Rich Ricci told The Capitalist. “But we are proud of what we have achieved since buying Lehmans.”