Ten years ago, the Financial Times greeted the news that Citicorp was to merge with Travelers Group to create a financial behemoth called Citigroup by predicting that it would “redefine world finance”. So it has proved.

It revived hopes for a global financial “one-stop shop” that could cross-sell products over one platform. The deal also meant, to great rejoicing, the end of the Glass-Steagall law, which split commercial and investment banks.