Wealth outflows at UBS outside the US accelerated to Sfr58bn (€39bn), equivalent to 5.4% of underlying funds, in the fourth quarter of last year. The sum is far worse than fourth quarter analyst forecasts of a Sfr24bn loss and an attrition of Sfr36bn in the third.

Chief executive Marcel Rohner said UBS saw inflows in January, but declined to quantify them. UBS also revealed that its US business pulled in Sfr4bn in the fourth quarter, against expectations of a loss totaling Sfr6bn, but these gains were offset by a Sfr4bn outflow from Swiss business banking which operates within the wealth umbrella. Rohner warned: "Financial market conditions remain fragile."