If you believe some of the accounts from insiders, not much work has been going on in Credit Suisse’s investment bank since the announcement of UBS’s rescue takeover in March. Employees have been focused on securing their own positions in the merged group or finding other jobs before they are sacked, insiders say.

The figures seem to bear this out. Unveiling UBS’s delayed second-quarter figures, chief executive Sergio Ermotti said he was pleased that the new team had managed to stabilise Credit Suisse’s wealth management, asset management and Swiss domestic banking businesses. But its investment bank seems to have imploded.