Global banking is in turmoil. The worst financial crisis since the second world war has not only forced governments across the western world to step in and rescue giant institutions. Amid the turmoil, there has also been a dramatic shift in banking’s centre of gravity.

A decade ago, a list of the world’s largest financial institutions was dominated by banks from the US and UK. Today, just a handful of the top 20 have their headquarters in the US, still the world’s largest economy. HSBC, at heart an emerging markets bank, is Britain’s sole representative.