The Swiss central bank has given UBS a problem. The private and investment banks made better profits than forecast in 2014, and UBS announced a generous dividend on Tuesday, but it also sneaked in a significant cut to its future profit expectations.

The bank tweaked its targets and now expects to make a more than 15% return on tangible equity in 2016 rather than the same return on plain equity. This might look innocuous, but the change shaves at least Sfr1 billion ($1.08 billion), or 13%, off expected after-tax profits for 2016, adjusted for restructuring charges and penalties for past bad behaviour, using the current equity base.