Investment banking has never been a popularity contest. But in the face of stiff competition, JP Morgan has worked hard over the past few years to establish itself as the villain of the piece. Only last week, it suffered a record-breaking $13 billion legal settlement with the US government over mortgage mis-selling.

And yet, for all the negative publicity and expensive lawsuits, JP Morgan has outperformed the industry this year, and in many areas it has extended its already ominous lead. In doing so, it has provided an almost textbook case study into how - and how not - to run an investment bank.