Senior executives at UBS, which this morning revealed it has suffered a $2bn loss from unauthorised trades, spent 52 hours in meetings last year dedicated to risk management, particularly in identifying risk takers within its investment bank.

This morning a member of UBS staff, widely believed to be equity derivatives specialist Kweku Adoboli, was arrested in connection with an unauthorised trade that could have lost the bank up to $2bn. UBS has not confirmed the name of the staff member.