No wonder Jane Fraser is cock-a-hoop. It is hard to think of a better way of capping her shake-up of Citi’s banking business than to bring in the highly regarded head of the most successful rival’s key unit to run it. She rightly claims it is evidence of Citi’s ability to attract the top talent.

And Vis Raghavan will be much more than a trophy hire. He has a formidable reputation as a tough and demanding manager, which is what Fraser will need as she pushes through Citi's biggest overhaul in 20 years.