Do you sense that Barclays chief executive Matt Barratt is on the prowl? His critics, who are far less vociferous than before because of the buoyant Barclays share price, accused him of being a slow starter. Those closer to him said that he was simply biding his time.

For Barratt, the move into the chief executive's office at Barclays was an early baptism by fire. There was the unfortunate timing of some branch closures, an advertising programme which was considered to be seriously OTT (no more so than Charles Schwab & Co retaining the Duchess of York), and the fact that even the most prominent Canadian bankers are barely known outside their own country.