Barclays’ solution to appease disgruntled investors was probably as neat as could be hoped for in the circumstances. The question now is how extreme the revolt by investors will be when they are asked to vote through the bank’s £7bn recapitalisation at a meeting on Monday.

Having turned its back on the UK government’s bail-out in September, Barclays had opted instead to raise capital under its own steam. But it riled existing investors by relying for most on two large Middle Eastern investors, the Qatar Investment Authority and Sheikh Mansour Bin Zayed Al Nahyan, a member of Abu Dhabi’s royal family – without giving existing investors the chance to participate.