Antonio Horta-Osorio who takes over as chairman of Credit Suisse later this year must have been watching recent events with increasing alarm. Individually, the losses caused by the bank’s dealings with Greensill and Archegos are very serious. Together, they suggest that something is badly wrong with the group’s management of risk, perhaps even with its fundamental business model.

But along with the alarm, perhaps Horta-Osorio sees this as an opportunity. If he was thinking that Credit Suisse needed a big shake-up there will now be few who could disagree.