This has not been a memorable year for the big global commercial banks. Stock markets have performed well, selected investment banking shares have soared but commercial banks have often been ignored. The shares of mighty Citigroup are touted as being absurdly cheap, although they appear to be stuck in quicksand.

Royal Bank of Scotland finds itself in the same unenviable position and the bank's chief executive Sir Fred Goodwin has come under attack for poor performance. In the Netherlands, ABN Amro does the right things yet institutional investors continue to buy its shares for the dividend yield. HSBC shares are a component of most bank portfolios but wouldn't asset managers have made more money by buying stock in Goldman Sachs, Credit Suisse or Société Générale?