It’s a brave call. Lansdowne Partners, which runs one of Britain’s most successful stock-picking hedge funds, says it has sold out of Google and loaded up on bank shares.

In the 2014 annual review of their Developed Markets Strategy, seen by Financial News, managers Peter Davies and Jonathon Regis say banking "is in the middle of a long-term positive capital cycle, where memories of previous errors depress market multiples while reducing industry competition".