As GoldFinger noted a few months ago, investment bankers are also being forced to suffer the humiliation of flying economy class for some trips. Now the golf sponsorship is being squeezed.

UBS explains that the decision came after "a comprehensive review of its golf sponsorship programme in Asia Pacific and a re-balancing of its sponsorship programmes globally”, according to media reports. The deal will not be extended after this year's tournament, which takes place in November.

The UBS move comes after HSBC's head of sponsorship Giles Morgan said after the Women's Champions golf event in Singapore earlier this month that the bank was weighing up whether to continue its sponsorship of golf tournaments.

The days when private bankers met their clients on the golf course may of course, not be over. Some of the world’s best players have been sponsored by firms such as SG Private Banking. But the economic chill is having an impact on sports sponsorship across the board. In January this year, we reported that clients of Credit Suisse who were hoping for invitations to watch the stars of Formula 1 zoom around the race circuits will be disappointed as the Swiss bank is stopping its sponsorship of BMW Sauber.