The news that a trader at UBS has been able to blow £1.3bn is a staggering demonstration that all the clever systems that the banks now have, especially after the financial crisis, still cannot stop a determined individual getting round them if they want to.

This is a frightening level of wrongdoing in a bank that was held up as the world class example of good risk management before the crisis. It will yet again confirm to the majority of shareholders, who are Swiss, that investment banking is just as Vince Cable says, "casino" banking.