For ABN Amro, it is all over bar the shouting. For Barclays, the hand-wringing has not even begun.

The UK's No 3 bank is almost certain to concede defeat in its ill-fated €65 billion (£45 billion) bid to buy ABN Amro later today or tomorrow morning, despite having secured first-mover advantage with its agreed deal in April.

The sheer weight of the counterbidder, in the form of Royal Bank of Scotland — and unprecedented volatility in the stock and bond markets — means that Barclays has been defeated by its own share price.

That, and the desire of its investors that it should not overpay.

But ahead of the withdrawal, the City is already preparing its questions.

Investors want to know whether management should pay the price for making the bank potentially vulnerable to a predator.

Talk of interest from Standard Chartered, Merrill Lynch and Bank of America refuses to fade.

Shareholders will need convincing about bank managements' appetite for a near-term transformational deal.

RBS is sharing ABN, after all, while Barclays wanted to swallow it whole.

Restive shareholders will almost certainly revisit the idea of whether the credit crisis should trigger a rethink at Barclays Capital, its debt-focused investment bank.

It has been six tough months for John Varley, chief executive, and Bob Diamond, president, but there is no sign that their job is about to get any easier.

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