It is morning in America for the large US investment banks, which posted strong results this week. Meanwhile, more conventional lenders are having a decidedly European moment.

Goldman Sachs, ever the alpha male of Wall Street, set the tone with net quarterly earnings of $3.4bn – its best ever as a public company. JPMorgan followed with $2.7bn. After the banks’ spell in the governmental intensive care unit, it must again feel good to be their shareholder. Goldman’s gain means a 23 per cent annual return on equity; JPMorgan’s investment bank arm achieved 18 per cent.