Marcel Ospel, chairman of UBS, the Swiss bank, earned broadly the same amount in 2002 as the year before, despite a 29% fall in net profits at the bank.

According to the UBS annual report, Ospel was the highest paid director at the firm, earning Sfr11.3m (€7.7m) in 2002, including a grant of restricted stock worth Sfr4.6m. In 2001, Ospel earned a combined Sfr12.5m, but last year he received a batch of options which UBS values at Sfr1.2m, taking his combined package in 2002 to roughly the same level as the year before.