The initial letters of the phrase “together everyone achieves more” spell out “team”, and it is the sort of cliché that might be found stapled to an office noticeboard. Working together is not something investment banks find easy to do, but it is an approach that could prove valuable as they look to re-engineer their trading divisions.

With senior executives increasingly focused on controlling costs, rather than growing revenues, the idea of banks coming together to share infrastructure investments has become more appealing.