When UBS announced the radical shrinking of its investment bank in 2012, some rivals said it would destroy the business. By pulling back in some areas, it would lose customers in others. Nonsense, replied insiders who predicted some of those rivals would soon be doing the same thing. The insiders were right. Up to a point.

UBS's investment bank is a lot smaller than it was. But most of it looks in pretty good shape, with a return on equity most competitors would die for. And now Credit Suisse, under new chief executive Tidjane Thiam, has launched a revamp straight from the UBS song sheet. Yet while the tune might be the same, the volume is more muted.