Barclays should quit equity research. So should Citigroup. And Deutsche Bank. That at least is the private view of some people working for those banks who say it is time to face reality and cut their losses.

Admittedly this view does not seem to be shared by the people who actually run the banks. Or, unsurprisingly, by the people who run their research departments. But there is a growing feeling elsewhere that the banks should bite the bullet.