This time last year Sergio Ermotti was riding high. The UBS chief executive was basking in a double-digit jump in quarterly profit and boasting of the bank's "excellent" prospects.

His decision six years earlier to refocus on wealth management and slim down the investment bank looked to be paying off — the model he pioneered was copied by Credit Suisse and Morgan Stanley.

A year on and the narrative is very different. Over the rest of 2018 the stock plunged 30 per cent as steep swings in markets caught traders off guard and convinced ultra-rich clients to keep their cash

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Tone from the top

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A sharp drop-off

The missed opportunity

More trimming required