The announcement had hardly left the lips of Bill Harrison and Sandy Warner when the speculation began. It goes something like this: following Chase's takeover of JP Morgan, Chase will finally ditch its custody business. Harrison has never really been a fan and, as everyone knows, it was Warner who got rid of the business at JP Morgan. Global Investor Services is toast.

We've been here before. When Harrison replaced Walter Shipley as head of Chase last year, it was the same story.