A long list of financial services executives must be enjoying the "Egg-on-face" headlines triggered by Citigroup's decision to cancel thousands of Egg credit cards. Managers at Prudential are at the top of that list. The internet bank, conceived by the Pru near the peak of cyber-silliness, was a burden for the insurer until its sale to Citi last year. To see the new owner doing the dirty work must be a pleasure.

Other bank and credit card company bosses will also be grateful to Citi. If there is going to be a full-scale clampdown on credit card borrowing, then someone has to start it. Better that it should be a US-based leviathan with well-publicised credit squeeze problems of its own than a UK institution with a high street brand at stake. Rivals can sit back, watch Citi draw the sting of politicians and regulators, learn from Citi's mistakes and refine their plans for clearing up the lending mess they helped create.