UBS splashed out more than Sfr100m (€69m) in salaries and bonuses for its top executives last year, roughly 10 times the amount it paid in 2008 when the bank needed government aid to stay in business.

The rise in executive pay, which was criticised by shareholder activists and political parties, partly reflects the Swiss bank's recent turnaround efforts. But it also shows that the bank, which is reeling from client withdrawals, is having to pay a high price to remain competitive.