The proposed restructuring of UBS’s investment bank – which is to be unveiled next month – was put into focus this morning after two of the three primary units in its fixed income, commodities and currencies division reported losses.

The Swiss bank said in its third quarter results this morning that its investment bank fell to a loss of Sfr650m ($738.7m). However, excluding gains on its own credit - where a bank can book a paper profit when its own credit quality declines - the third quarter loss was Sfr2.4bn.