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. Disgusted by the credit crisis, they are starting to vote with their feet and banks are responding by selling their asset management arms to raise capital.

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.