UBS chief Sergio Ermotti's pay rises 28% to £10.2 million

The boss of Switzerland’s biggest bank, UBS, received a 28% pay rise last year, just weeks after freezing pay at its investment bank for the first half of this year.

The rise for chief executive Sergio Ermotti, 55, was revealed in UBS’s annual report on Friday.

The Italian's total pay package soared from Swfr11.1 to Swfr14.3 (£10.2 m) in 2015. That included a 37% jump in his bonus to Swfr11.5 million.

At the same time UBS increased its total bonus pool by 14% for a year in which most European investment banks were cutting theirs. The total pool rose to Swfr3.5 billion.

Profits after tax jumped 79% to their highest since 2010, at Swfr6.2 billion, as UBS’s investment bank and wealth management arms performed strongly.

The bank highlighted the UK’s vote on Europe as one of the major political risks for the global economy in 2016.