Financial columnists should be quicker to admit their mistakes. I would be the first to hold up my hand and confess that I totally misread Citigroup. I labelled the new organisation 'Bonkersbank', which seemed to be terribly funny at the time.

I should have listened to the advice of my old friend, Michel de Carvalho, now a vice-chairman of Salomon Smith Barney. He called and said: 'You've got it all wrong. Not only will Citicorp and Travelers work, but so will Nikko and Salomon Smith Barney.'