When City bosses hear the word “culture” many reach for their guns. I don’t mean culture in the sense of the Arts, of course. They tend to be very keen on that. It is when regulators bang on about the need to reform the culture of their firms that many leaders see red.

Credit Suisse chief executive, Tidjane Thiam, recently railed against the focus on culture, which he said was impossible to measure or to change. “One can change behaviour, not culture,” he complained at a Bloomberg event.