John McFarlane, who is stepping down as chair of Barclays after nearly four years, earned the nickname Mac the Knife for his habit of firing chief executives. His successor, Nigel Higgins, has a history of displacing those at the top, but in a less dramatic fashion.

Higgins, who was named Barclays’ new chair last night and is set to take up the role in 2019, has spent his entire 36-year career at the blue-blooded City bank Rothschild & Co.