It was a neat metaphor for the teething troubles Nomura is having in Europe. A few weeks ago, during an interview with William Vereker, the co-head of global investment banking at Nomura, a fire alarm went off at the Japanese bank’s new headquarters in the City of London.

With the lifts out of action, we trooped down 10 flights of steps while an electronic voice told us to "please leave the building by the nearest available exit".