A number of chief executives from top European and US banks have flown to Davos for this year’s World Economic Forum to take part in high-profile panels and network with powerful politicians and regulators. The forum has also given them a platform to vent their views on the future of the industry after a difficult year.

Speaking to the BBC, UBS chairman Axel Weber explained the bank's decision to embark on a major restructuring of its investment banking arm, which has seen job cuts of 10,000 and an exit from certain fixed income activities. Weber, the former president of the Bundesbank, predicted that the future of the business would be "capital-light, more focused, de-risked and basically less complex", with a focus on corporate clients and private banking clients.