To adapt Hemingway’s overused line on bankruptcy, consolidation in European investment banking happens in two ways: gradually, and then suddenly.

For the last few years, Credit Suisse’s rivals have been slowly picking away at the market share of its struggling investment bank. Now, after the takeover by UBS, it would seem that virtually the entire business is being offered up to competitors on a plate. But how much will UBS actually give up, and who will benefit?