This week's warning from Citi that Jeremy Corbyn becoming prime minister would be as bad for the City as a hard Brexit reignited bankers' fears that financial services will be damaged if the Labour leader gets elected. But behind the scenes there is a very different narrative going on between the Labour party and banking bosses.

“There's very clearly a sense of frustration from some of the Labour politicians we speak to [about Corbyn’s anti-banker stance],” says one senior financier, who asked not to be named. "We recognise there are others in the Labour party who would love the industry to come out swinging at them so they could position themselves as the people sticking it to the Tory bankers. But we are not interested in being part of some Punch and Judy show.”

In an attempt to soothe the industry’s growing concerns, shadow City minister Jonathan Reynolds and shadow chancellor John McDonnell have been quietly ramping up their efforts to build bridges with the City of London. In recent months the pair have hosted intimate roundtables with bank leaders and launched regular "City surgeries" where executives can voice their concerns about Labour’s policies and any wider issues.

“I’m all too conscious that if financial services wobble, the rest of the economy suffers too,” Reynolds said ahead of Labour’s first City surgery in February. “We need to listen to those at the coalface as we seek to steady the ship through the months to come.”