Andrea Orcel, the star dealmaker who unexpectedly defected from Bank of America Merrill Lynch to UBS last summer, was awarded a Sfr25m ($26.1m) package by the Swiss bank to pay for the move, it has emerged in UBS’s annual report.

The annual report, published this morning, showed Orcel received the Sfr25m package in deferred cash and shares. In contrast, Carsten Kengeter - who had been the sole head of the investment bank before Orcel's appointment as joint chief executive of the unit in July - did not receive any performance bonus for 2012. Orcel ultimately took sole control of the investment bank when Kengeter moved to a new role at the end of October, overseeing the bank's exit from non-core businesses.