The fairy tale anecdotes and sausages of previous events were in short supply as UBS' annual shareholder meeting convened today, but the atmosphere was still sizzling as management sought to assure thousands of investors that the bank was "back in business".

Shareholders were in determinedly disgruntled mood at St Jakobshalle in Basel this morning, despite efforts by chairman Kaspar Villiger and chief executive Oswald Grübel to focus on the bank's success over the past year in turning around its business after being engulfed by losses.