When JP Morgan took the strategic decision to incorporate its custody and asset servicing business into the newly formed corporate and investment bank, Francis Jackson recognised the opportunities immediately.

"It only took people a few moments to realise how much potential this business would have," he said. The bank announced the move a year ago last month, at a time when one opportunity in particular was hitting headlines: rules governing the trading of over-the-counter derivatives began to change, opening the way for a bigger market in collateral-related services.