They will never get it. The idea that they can be reasoned with is laughable, but that’s what our leaders believe. It’s all about lining their pockets with as much cash as possible because they are convinced they’re all geniuses. They’ve gotten away with everything so it’s easy to see how they believe it. If you are a customer, why would you tolerate this? If you are an investor, wouldn’t now be the time to start asking questions?

HSBC plans to double the basic pay of hundreds of its top investment bankers in a move that risks inflaming the row about City pay.

Amid growing opposition to large cash awards, from the government, regulators and the public, the banking group will significantly increase the percentage of the total payout that its senior investment bankers receive as salary, and reduce the bonus component. New Europe-wide rules, which are likely to be finalised next month, will defer the payment of bonuses and reduce the percentage paid in cash.

As the pay increases are handed out by HSBC to staff across the world, especially those in London, New York and Hong Kong, Goldman Sachs is preparing to name 100 or so new partners, who will immediately be propelled into top-earning status at the Wall Street firm.