Jeremy Corbyn, the scourge of bankers and avowed opponent of capitalism, is winning support from unexpected new quarters: two of the biggest global banks operating in the City of London are warming to the Labour leader.

Unlikely as it may seem, he is now seen as the lesser of two evils by analysts at Citibank and Deutsche Bank, respectively American and German titans of the financial system.

“Is Corbyn as bad as no-deal? Perhaps no longer,” said Christian Schulz at Citi.

It is not that the financiers favour the opposition leader’s plans for “higher taxes, tighter labour laws, spending increases and the nationalisation of network industries”, but that this may cause less harm than leaving the EU without a deal.