It took four years plus a string of scandals but in 2012 bankers began to acknowledge publicly their past failures and failings. Perhaps (some admitted), reputation was critical after all.

Perhaps customers should not come last. Maybe, irreplaceable executives were more easily replaced than thought. Maybe some businesses really were too complex to manage. Maybe bonuses tied to risk-taking should not be paid until the risks taken had matured. And yes, in retrospect the industry could not be trusted to regulate itself. That these lessons had to be relearnt by many highly-paid professionals is disgraceful. That they are being learnt at last is progress.