By November 3, one year after UK Financial Investments first looked out on the devastation of Britain’s banking sector, the state holding company will probably have had three chairmen and two chief executives. That’s hardly what was envisaged when Sir Philip Hampton and John Kingman were appointed as the state’s chief puppeteers 11 months ago.

Lombard may have wondered about their ability to stay at arm’s length from their charges, but their commitment to the task did not seem to be in doubt. Yet Sir Philip moved within months to become chairman of Royal Bank of Scotland – considered the more important job at the time – while Mr Kingman unexpectedly (and, in my view, prematurely) announced his resignation in July. Now there are worries a headhunting switcheroo will complicate the search for his replacement: Odgers Berndtson has handed the task to Spencer Stuart, after an over-sensitive UKFI frowned on Odgers’ use of Johnny Cameron, late of RBS, as an adviser.