In April this year, an internal memorandum at Lloyds Bank made its way into the media, announcing a cull of 150 jobs from its risk management function, amid complaints the division had acted as a “blocker”. The reaction was noticeably divided.

Some decried the danger of subordinating risk management to the wishes of business lines – one of the mistakes that left Credit Suisse nursing the heaviest losses from the collapse of Archegos Capital Management. However, under the original news report