As promotions go, it was one of the quietest you are likely to come across in the world of investment banking. John Hourican, a former leveraged finance banker, was named chief executive of global banking and markets at Royal Bank of Scotland, one of investment banking’s most high-profile posts, mid last month.

If you missed his appointment you may not have been alone. There was no external announcement, just a mention tucked away in a 176-page prospectus for the bank's £20bn (€23.6bn) capital raising published weeks later on November 5.