All of a sudden UBS is being seen as a visionary organisation that is adapting to the future of investment banking after having waited far too long to bite the bullet and effectively pull out of fixed income. Its rivals could be forgiven for feeling a little resentful.

Not least Credit Suisse, which last week announced a restructuring that amounted to little more than a management reshuffle. Following on from UBS's far more radical shake-up, Credit Suisse's investors may have been a little disappointed.