UBS executives have made it clear that they don’t want to give a running commentary on lay-offs after the bank’s $3.25bn acquisition of Credit Suisse, but its third-quarter results show just how complex bringing together the two former rivals will be.

The bank spent $500m on retention payments for key employees from Credit Suisse, but UBS has also shown around 13,000 employees the door and scores of others have jumped for rivals — often seemingly with the blessing of their former employer.