It is a tribute to the recovery at UBS under Oswald Grübel over the past few years that, financially at least, it may be able to take the $2bn rogue trading loss in its stride. But whether UBS Investment Bank and its chief executive Carsten Kengeter can do the same is less clear.

Since early 2009, Grübel has talked of rebuilding confidence and reducing risk. Yet the investment bank under Kengeter has been expanding its risk taking over the past few years - at a time when most of his rivals have been reducing theirs.