Kurt Stuart is stepping into the role of co-head of CTL at J.P. Morgan, joining Ed Ely, who has led CTL for 25 years now.

City sources said today that the company had engaged Teneo as financial advisers, with potential bidders having been contacted in recent days.

Despite Revolut offering up to 5% on up to £200,000, Bowes says it's key to remember that only the first £85,000 per person is protected by the Financial Services Compensation Scheme.