Douglas Peterson knows how to make a striking apology. In 2004, Peterson stood next to his boss, Citigroup's then-chief executive, Charles Prince, to apologise for lapses at the company's private banking operations in Japan. In a widely reprinted image, the two executives bent over and cast their eyes at the floor at a news conference with Japanese officials.

Saying "I'm sorry" might be one of Peterson's first moves at Standard & Poor's when he takes over as president of the credit rating firm next month.