“It’s time for us to put this period behind us,” said Citigroup chief executive Vikram Pandit at the end of February. The markets have duly followed, and the rally in bank stocks is benefiting some of the fund managers that suffered most last year.

Hedge fund managers focusing on financials stocks have registered strong returns this year, according to investors: Odey Asset Management recorded a 28% gain last month through investments in Barclays and Royal Bank of Scotland; Toscafund is up 25% for the year to 13 May while Lansdowne's global financials fund made 19% and GLG's financials fund has risen 6%.