"We are a financing house, a risk management specialist and, in certain pockets, we advise clients – in that order. And we preach the hierarchy of our capabilities religiously." So said John Hourican in October.

Speaking to Financial News at the time, RBS's head of global banking and markets said that everyone from Stephen Hester, the bank's chief executive, to the executive committee down was extremely clear-sighted and clinical about the bank's strategy to the point that "it's quite boring actually".