The head of UBS’ investment bank was one of two members of the Swiss group’s executive board who between them received compensation comprising cash and shares worth Sfr11m (€7.5m) upon joining from rival firms last year, as well as more than 700,000 share options.

Jerker Johansson, who was vice-chairman for Europe at Morgan Stanley before switching to become chairman and chief executive of UBS' investment bank in March last year, and Markus Diethelm, who joined the Swiss bank as group general counsel from insurer Swiss Re in September, were awarded the packages "as a replacement for compensation and benefits forfeited from their previous employment as a result of joining UBS", the Swiss bank revealed in its annual report today.