Whoever has the contract to print business cards for Bank of America Merrill Lynch must be coining it. The ink is barely dry on the latest batch before yet another reshuffle means new ones must be printed. The bank is second only to UBS in the unofficial league table of senior management shake-ups.

So the decision last month to restructure the management of the global corporate and investment banking business - less than a year after merging corporate and investment banking under three global co-heads - might seem like par for the course.