Ten years on from the collapse of Lehman Brothers the world of investment banking has been transformed. The banks behind the boom and bust have changed beyond recognition, most of the bankers who made out like bandits have lost their jobs and some are behind bars. The reckless behaviour has been consigned to history and the trading volumes that soared in the run-up to the crisis have subsided. In short, the industry has been cut down to size.

Except, of course, that it hasn’t. What is remarkable about the 10 years since the crisis is how much has not changed. Lloyd Blankfein, who has been chief executive of Goldman Sachs since 2006, recently unveiled the firm’s third highest quarterly earnings ever thanks to the efforts of its 36,000 staff, slightly more than it had 10 years ago. Analysts congratulated management on the performance though some fretted about how many loans it was making to highly leveraged companies on very lax terms. Blink and you could imagine you were back in 2007.