Few companies must listen to their strategy being telegraphed by the Chancellor in the Commons, but then few firms are 83% owned by the state.
George Osborne made it clear last month that for Royal Bank of Scotland to remain a full-fat investment bank while in taxpayer hands was unacceptable. So the casino is closing down.
But if the bankers remaining do their jobs properly, many of them will still carry off large bonuses.
The share price rise shows there is a strong case for further focusing what is left of Sir Fred Goodwin's recklessly assembled empire. However, this move, which taxpayers have been baying for, is another blow to Square Mile jobs.
Whether it means we get our money back sooner is hard to predict. Some top bankers think the state will never make a return on its £45 billion bailout.
It can't be much fun for RBS boss Stephen Hester right now. When he agreed to run RBS in 2008, he was a former investment banker, having cut his teeth at Credit Suisse. After today's shrinkage, he is running a business on its way to becoming a former investment bank. He could be forgiven for joining the 3500 staff at the exit.
Today also underscores the government's schizophrenic attitude to the banking industry: friendly behind the scenes, frosty in public. That can't go on.
