Was it not just a few months ago that Lehman Brothers was strongly rumoured to be sending flowers to Cazenove? At the time, I remember thinking that this looked like a daft combination. I have friends in both firms but, culturally and psychologically, the two houses belong on different planets.

The difference was not simply a question of class but it would be wrong to ignore the social divide. Lehman does not try to hide its personality and, as a result, is a much better outfit. It is a slick, hugely successful bond house run by veteran traders with improving asset management, equities and banking businesses on the side.