It means part of the investment bank operation, much of it in London, will be slimmed down or sold off.

BBC: Lloyds co-operates, RBS shrinks

More recently he has struck co-operation agreements with Macquarie, an Australian investment bank, and Bank of China. (In the interim, an attempt to buy Sarasin, a private Swiss bank owned by Rabobank of the Netherlands, came to nothing.) The aim is to have 50% of his business in emerging markets by 2015.

ECONOMIST: A Swiss bank bets on emerging markets

Pandit has experience running a complex investment bank, but little background as the chief of a global consumer operation.

FORBES: Citi Swaps Prince For Pandit

Measured by flows, India is overtaking China as Japan's biggest destination for foreign investment and, according to a survey by the Japan Bank for International Co-operation, will be the most favoured destination for long-term Japanese investments over the next decade.

ECONOMIST: Banyan