UBS chief executive Oswald Grübel warned his weary troops in April that there were plenty more battles for them to fight. He demanded job cuts across the world totalling 8,700. In Switzerland alone, he wanted to get rid of 2,500 people, plus the abolition of generous fringe benefits for his private bankers, including free car parking, rail passes, car leasing and cheap gym memberships.

With the global worth of wealth down 20% in a year, banks like UBS have had no choice but to cut costs to preserve their bottom line.