UBS' investment banking division has said that it has suffered a further deterioration across several of the division's business lines since the beginning of the year, after reporting pre-tax losses of Sfr5.2bn (€3.2bn) in the second quarter, down from Sfr1.7bn in the same period last year.

Speaking to analysts this morning, UBS chief executive Marcel Rohner said that - although some business lines had continued to perform - the group had lost market share overall. He added that even in the absence of writedowns, results were "still not satisfactory".