Wealth management is the fastest-growing segment of the financial services industry, poised to be a welcome source of profits for banks this year. UBS, Credit Suisse and Morgan Stanley see wealth as core to their future. Barclays, Goldman Sachs, JP Morgan and Wells Fargo have invested heavily in the sector, which has low capital requirements.

Christopher Wheeler, senior equity analyst at Mediobanca Securities, said: "UBS should see a return on equity of 60% [in its wealth business] by 2014. Credit Suisse, 35%. Banks can aspire to at least 25%, against 10% for investment banking. Wealth is their last best business."