UBS has reported progress on its restructuring of its investment bank with a near 40% decline in risk weighted assets in the space of a year – although at a significant cost.

The Swiss bank, which this morning published its results for the final three months of the year, said the investment bank posted a pre-tax loss of Sfr557m ($613.7m), as costs excluding goodwill impairments increased, and revenues fell by more than a quarter.