Veni, vidi, Varley. He came, he saw, he almost certainly failed to conquer. As Barclays’ chances of winning ABN Amro dwindle, so the question of whether the long battle has weakened the British bank’s position – and that of its patrician chief executive, John Varley – will mount.

The announcement of Barclays’ bid for the Dutch bank in March seemed to stretch Mr Varley’s oft-repeated principle that acquisitions should be the servant rather than the master of strategy. This, it was said, was a rare, once-in-a-generation opportunity to transform the British group.