If regrets, apologies and promises to behave better were redeemable for cash, the world’s banks would be rolling in it.

On Monday, Rich Ricci, Barclays’ head of investment banking, promised to “redefine what we are here to do, and the way in which we conduct ourselves”. On Tuesday Anshu Jain, Deutsche Bank’s joint chief executive, conceded that “tremendous mistakes have been made”. Vikram Pandit of Citigrouptalks of “a profound responsibility to keep [the financial system] safe”.

The words have been matched by some action. Barclays and Deutsche have lowered profit targets from the high levels that encouraged banks to take trading risks, sell poor products to customers, and gamble with their reputations. Barclays will shrink its infamous and highly profitable “tax structuring” unit.