Total pay for Marcel Ospel, chairman of UBS, rose 13% last year to Sfr21.3m (€13.7m) as the Swiss banking group generated record net profits. He was the highest paid UBS director.

Ospel's package for the financial year to the end of last December included an incentive cash bonus of Sfr9.5m and Sfr9.5m bonus paid in restricted UBS stock on top of a salary of Sfr2m.