The leaders of European investment banks are always hoping to see tiny cracks in the dominance of the Wall Street giants. So there has been much excitement at the idea that American banks might be facing a Trump-related backlash.

First there was a story about Leonardo, the Italian defence company, replacing Bank of America with Deutsche Bank as its adviser on a potential merger of European space companies. There was a suggestion that this might reflect political pressure on European companies, particularly those involved in defence, to work with European advisers. None of the companies commented and people close to them said there had been a potential conflict for Bank of America related to another client.