A week may be a long time in politics but a few months can also see a dramatic shift in fortunes in the financial services industry.

From a position a few months ago where it was being assailed from all sides - for writing off loans to the rich and powerful and for the number of bogus non-resident accounts in its branches - AIB is now riding high in the wake of the Telecom Eireann share offer.

The success of the bank, and its broking and corporate finance arms, in clinching the rights to handle the flotation marked the start of the turnaround. Now Goodbody Stockbrokers, which is shortly moving from cramped conditions in Ballsbridge to new offices in the Sweepstakes, is inundated with business as retail investors sell their shares. The stockbroker also has the rights to trade the lucrative Telecom Eireann Nominee Account.

AIB Corporate Finance - which acted as financial adviser to the Government along with Merrill Lynch - is reported to have punched well above its weight in such experienced international company. Indeed, the Telecom top brass was so impressed with AIB's performance that the company has appointed Goodbody as its financial adviser going forward, disappointing ABN-AMRO, Telecom's adviser during the flotation.