Daniel Maguire’s career spans more than two decades, almost all of which he has spent at LCH. The clearing house’s chief executive did spend three years at JPMorgan, but eventually chose to return after his brief sojourn at the US bank.

Maguire says it was “serendipity, lady luck or bad luck, depending how you look at life” that he chose one of the most turbulent times possible to return: 1 September 2008, six months after the collapse of Bear Stearns and two weeks before Lehman Brothers followed suit.