Short sellers the winners as price fell

This week its short position had come down to just over 1%, which implies the fund has already booked profits of more than £20 million.

Other big betters on the bank's demise included Conservative Party donor Michael Hintze's CQS and New York hedge funds Steadfast International and Samlyn Capital.

Crispin Odey's Odey Asset Management was also a shorter during the rights issue but appears to have closed its position since then.