Staff in UBS’s investment bank had little cause for cheer during the start of 2016, with “disappointing” first-quarter results showing declines in almost every area of the business as the bank said it had taken “early and decisive action” to cut costs in the face of revenue weakness.

The Swiss bank's investment bank revenues - including its trading and traditional advisory businesses - fell by 29% in the three months to March 31 compared with the same period a year earlier, to Sfr1.9 billion ($2 billion), according to results published on May 3.