Private equity has poured a significant amount of capital into financial services companies since the crisis, attracted by high returns, but as global economies edge towards a downturn, the sector looks particularly exposed.

The value of financial services transactions in Europe reached $22.1bn in 2018, up from $6.5bn in 2011, according to Bain & Company. In the US, such deals were worth $34.3bn, up from $5.3bn in 2011.