UBS investors will today hear how new chief executive, Sergio Ermotti, intends to rebuild the Swiss bank's reputation under what they hope will be a less risky and more client-focussed business model. Many investors will doubtless arrive with a strong sense of déjà vu.

Two years ago today, UBS's then chief executive Oswald Grübel set out the Swiss bank's plan to transform itself in the wake of heavy losses sustained during the financial crisis. He said at the time: "Our strategy represents an evolution in terms of our business portfolio but a revolution in terms of the way we will operate."