Ermotti was paid by the Norway wealth fund while the bank's bonus pool was slashed

Norway's sovereign wealth fund has backed UBS' plan to make AT1 bonds more appealing to investors. The fund also signed off on UBS CEO Sergio Ermotti's pay package. UBS is seeking to prop up its capital buffers to satisfy Swiss regulators' demands. AT1 debt acts as shock absorber if a bank's capital levels fall below a certain threshold.

UBS Group AG cut its bonus pool for last year by 14% after a tough year for deal-makers and traders. Chief Executive Officer Sergio Ermotti elevates to the rank of best-paid European bank boss. UBS cut bonus pool by 14%, while CEO Ermott is the best paid European bank chief.