The past year has been anything but normal for the world’s largest banks. Several have been nationalised or otherwise turned into over-directed captives of their regulators. Others, however, have benefited handsomely from the windfall of numerous government efforts to stabilise the banks and stimulate growth.

Restrictions on balance sheets promised by regulators have yet to be imposed, giving banks a free ride in a well-supported market. Talk of breaking up banks or of restricting risky activities hasn't turned into action, and seems to lack consensus.