Fund managers attack bankers' pay

Leading fund managers, including L&G and Jupiter, have stepped up their attack against huge pay rises at the UK's biggest banks.

In recent weeks, several of the UK's biggest investment groups have met bank boards to urge them to restrain pay and restructure the way they reward staff, especially within their investment banking arms. Barclays, HSBC, Royal Bank of Scotland and UBS are among the banks to have been targeted, the Financial Times reports. According to the paper, there is anger at the rapid rise in fixed salaries against a back-drop of declining investment bank revenues and falling share prices. Legal & General and Jupiter Asset Management are among a number of influential investors engaged in discu...