This week, two well-regarded senior bankers on either side of the Atlantic lost their posts, the first at JPMorgan Chase, the second at BBVA. Both banks have had a good crisis. But the signals these changes transmitted were quite different. On Wall Street, Jamie Dimon, JPMorgan’s chief executive, pushed out Bill Winters, co-head of investment banking and architect of much of the bank’s recent success. In his stead was appointed head of JPMorgan’s asset management business. The message was demotion of investment banking in the bank’s hierarchy, and so one of caution. Immediate reaction: the shares rose.

In Madrid, BBVA chief executive José Ignacio Goirigolzarri unexpectedly resigned after chairman Francisco González was re-appointed by the board. The departure is amicable, but it’s well known Mr Goirigolzarri long coveted the chairman’s role. Co-incidentally, BBVA’s head of risk left too. BBVA also stressed an acceleration of its growth plans. The share price fell.