Domestic employees of Switzerland's largest lender will receive a marginal pay rise as of 1 March 2017.

UBS will increase the salaries for its employees in Switzerland up to and including middle management by an aggregate 0.8 per cent.

"This overall result is the outcome of negotiations between employer and UBS employee delegations," UBS said in a statement late last week.

It added that specific individual salary adjustments will be based on market, function and individual performance.

The result is well below the 1.5 per cent increase that the association of banking employees had demanded for 2017.

Zurich-headquartered UBS reported mixed wealth management results in its recent third-quarter statement. Its wealth business excluding the Americas delivered an adjusted pre-tax profit of SFr643 million ($647 million), down SFr55 million from a year earlier. In the Americas, the unit’s pre-tax profit rose to a record $367 million.

Earlier this month, Axel Weber, chair of the bank’s board of directors, said UBS will not change its London operations "any time soon" following Britain's vote to leave the European Union.