Some banks are better at blood-letting than others. Those with a lot of practice simply chop out layers of staff, clean the carpets and rearrange the furniture to make it look as if nothing has happened. Others tend to find the experience somewhat traumatic, even to the extent they tell the world of their suffering.

When State Street had to say goodbye to 375 people in 1992, it issued a press release that must have given scant comfort to those shown the door.