UBS sparked outrage Thursday after announcing it paid its Chief Executive Officer Sergio Ermotti a big bonus amid 10,000 job cuts.

The Swiss bank said it gave the boss 8.0m francs (£5.6m) and welcomed new investment bank chief, Andrea Orcel, with a 25m francs (£17.5m) package.

Orcel was brought in to restructure the division where 2,000 jobs are expected to be culled, according to the company's annual report.

The bank had neared collapse five years ago when it was accused handing out excess bonuses to management.

"UBS has still not learnt from the mistakes of the past," Brigitta Moser-Harder, retail shareholder of UBS, told Reuters.

She added that Orcel's payment was over the top.

"Not only did the investment bank contribute a loss in the billions, it is also being massively scaled back," she said.

UBS Chairman Axel Weber earned 3.57m francs in 2012 after his 4.0m franc signing-on fee outraged shareholders to the point of a one-third opposition to the bank's overall pay scheme last year.

It follows a difficult year for UBS during which the bank posted a full-year loss and agreed to pay $1.5bn to settle its role in a multi-year global rate-rigging scheme.

The group cut its overall bonus pool by 7.0% to 2.5bn francs, as well as 20% at its investment bank as part of UBS's efforts to recover the LIBOR fine.

RD

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