The success or failure of company bosses has much to do with timing and the passage of events beyond their control. A chief executive such as Lord Browne can be riding high at BP one year, then out of favour the next.

Indeed, banking heads just now must feel they are half way round a steeplechase, whipping their fading nags with some of the highest fences yet to come. Every time they survey the course, the ground is growing more treacherous underfoot.