Isn't it slightly ironic that JP Morgan, with the grandest name in the banking industry, should also be the wallflower of Wall Street? The house that bred a whole generation of robber barons now almost has to resort to holding out an unmarked dance card.

For evidence of JP Morgan's humbled status, look no further than the share price. Two years ago Morgan shares rose to $145 (&euro158) on rumours, reported in extensive detail by Business Week magazine, that Deutsche Bank was about to offer $175 in cash.