A month ago I suggested it was time for Barclays Capital to move cautiously back into full-service investment banking. This would involve it in expanding its core services from treasury, debt capital markets and syndicated loans into equities distribution, equities trading and mergers and acquisitions advisory work.

Did this all sound just slightly fanciful? Hadn't Barclays Bank, when under the sometimes whimsical leadership of Martin Taylor, put most of the BZW investment banking arm to the sword? Those spared were either folded into an emasculated Barclays Capital or sold into captivity for the salt mines of Credit Suisse First Boston.