We always knew that putting the investment bankers in with the private bank was toxic for the most part.

Poor old clients would inevitably be stuffed the second-hand financial dross dreamed up by the former. It’s like inviting the fox to a sleepover at the henhouse.

What we didn’t realise, however, was that putting asset and money management in with private banking could also result in similar financial toxicity.

That’s certainly the outcome at Credit...