Pay for UBS's chief executive fell by around 4% in 2016 and staff bonuses were cut after the Swiss bank's profit for the year almost halved.

Sergio Ermotti, who remains the highest-paid executive at UBS, saw his total pay package for 2016 fall to 13.7 million Swiss francs ($13.5 million) from 14.3 million francs in 2015, according to the bank's annual report published today.