When 6,500 UBS shareholders packed into the St Jakobshalle on the south-east outskirts of Basel in February to approve special resolutions, the meeting was dogged by delays as investors attacked the bank. Today at the annual general meeting, the day started in true Swiss fashion, like clockwork.

But it would have been wishful thinking for the six representatives of the board that sat on the stage at St Jakobshalle to expect the rest of the day to run just as smoothly.