Earlier this month, London got a new member of its FTSE100 index, as GlaxoSmithKline split, amoeba-like, its non-drugs business from the pharmaceuticals. A fortnight on, it’s safe to say that the separation has not meant an instant transformation in the fortunes of the shareholders. The two businesses are currently worth less than the previous combination.

Perhaps that is to miss the point: a small group of individuals are very much better off, thanks to the fees such operations generate. A select band of bankers, brokers, lawyers and the tail-end Charlies in financial PR will be sharing tens of millions of pounds in fees.