Could UBS come to look — and be valued — like Morgan Stanley? Yes, but the aftermath of a megadeal isn’t the ideal time to get a celebrity makeover.

The Swiss bank’s annual accounts, published 6 February, show the challenges inherent in its deal last year to acquire Credit Suisse. UBS’s assets increased by 56% in 2023 compared with 2022, but its revenues were only 18% higher. A net loss of $279m for the final quarter mostly reflected a $1.8bn expense from the continuing integration of its unprofitable former rival.