There is nothing new about customers grumbling about the level of service provided by their banks: apathy has been the only factor to keep them loyal. But enough is enough. They are finally starting to vote with their feet as a result of losses resulting from the credit crisis.

According to data provider Lipper FMI, in the six months since the slump bottomed in early March, banks only enjoyed a 42% share of fund sales in Europe against the 60% they registered in the equivalent period of 2005. There are only four banks in the latest list of top 10 vendors, against nine in 2005.