Those hoping for big surprises from Mike Corbat, who took over as chief executive of Citigroup from Vikram Pandit in October last year, have thus far been disappointed.

True enough, in December Corbat announced that Citigroup was looking to trim some businesses, reduce expenses by $1bn and cut 11,000 jobs. But this was reasonably billed, at the time and in a more recent speech at the beginning of March, as a tactical "repositioning" rather than a strategic overhaul.