Barclays recently overtook Credit Suisse in investment banking revenue, a sign that the UK bank’s long, frustrated push to be a major player is making progress thanks in part to the troubles of its Swiss rival.

The London-based bank vaulted past its Zurich-based counterpart to be the largest investment bank outside the US in the second quarter of this year with $1.26bn of investment banking revenue, representing a 4.1% market share, according to Dealogic.