What grade should the City get in its end-of-year report? Not great. But not disastrous either (despite billions more in bank fines for market-rigging). Perhaps a B+, could do better, with encouraging signs in some areas. The marks for my predictions for the year will be equally mixed.

Back in January 2015, one thing was clear: a few senior staff faced the axe. It turned out to be more than a few. Incoming chairman John McFarlane duly removed Antony Jenkins as chief executive of Barclays. I also suggested that if George Osborne returned as UK Chancellor after the election he would dispense with the services of school inspector Martin Wheatley, head of the Financial Conduct Authority. He wasted little time.