UBS paid some of its top bankers average bonuses of $1.1m for 2023, a reduction of 8% compared with a year earlier, as its overall variable compensation pool hit $4.5bn after the Credit Suisse acquisition.

The Swiss bank saw the number of so-called key risk takers — senior staff whose actions can impact the overall risk profile of the bank — swell by more than 400 people to 1,038, following its shotgun marriage to Credit Suisse last year. Average bonuses for these employees hit $1.1m, with an overall compensation pool of $1.8bn meaning total pay averaged $1.7m for 2023.