Glenn Schorr, UBS financial services industry analyst, this week did a wonderful job promoting a shareholder conference that kicks off next week in Manhattan, showing that analysts are consummate salesmen as well as wonks.

On Monday, Mr Schorr downgraded his recommendation on the shares of companies in the brokerage sector to “neutral” because he was beginning to see “sluggish signs” in equities, fixed income, currencies, commodities and investment banking.