Marcel Ospel’s name has turned to mud in the 18 months since the once indomitable UBS chairman stepped down and the renowned bon viveur has vanished from Zurich’s best known restaurants.

But unlike the other bank chiefs who moved aside in the credit crunch as losses mounted and credibility slipped away, UBS doggedly defended the man who built the bank to its pre-crash eminence and was arguably as instrumental in its decline.