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Banks locked in a nosedive

A strong third quarter and apparent recovery in the industry’s fortunes this year cannot disguise the turbulence ahead

If a fighter pilot’s aircraft goes into a tailspin he must conduct a counterintuitive set of manoeuvres in order to recover. Power is first reduced to idle and the ailerons (the flappy bits on the wing to you and me) are neutralised.

Then they have to apply full roll in the direction of the rotation - this is often remembered as "stick into the spin". Crucially, pilots must also try to get a fix on the horizon. Without a frame of reference they'll have no idea whether they are recovering or hurtling towards disaster - until it's too late.

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