Have the 'too big to fail' banks really met their Waterloo? | Richard Partington

Ever since Lehmans went bust banks have been promising to reform, but we're not there yet

Historians have recorded turning points for time immemorial. The crossing of the Rubicon by Caesar, the Boston Tea Party for the United States, Britain's triumph at Waterloo and decline after Suez.

For the chroniclers of capitalism, the collapse of Lehman Brothers a decade ago this week stands as the major tipping point in modern financial history. The talk in the City will be of the days before Lehman and those after.