“There’s no substitute for experience”, so the saying goes. But Metro Bank’s recent capital horror show suggests that in its boardroom, less really may be more.

It has been a disastrous period for a bank fond of flagging its interloper status. While skittish markets mean negative news frequently produces an exaggerated response from investors, it was hard to make that case when Metro Bank shares slid 40% on January 23 after it revealed it had been miscalculating capital needed to set against its loanbook.