Speaking to the Financial Times, Green, who is also chairman of the British Bankers’ Association, said that pay has become “distorted” due to the plethora of potential bonus options available to those working in the industry.

“You’ve had bonuses paid off gross income, you’ve had bonuses paid off first-day [profits], you’ve had bonuses paid without any capital charge and so you can see how that gives rise to the wrong and frankly inflated numbers,” the HSBC boss said.

And in his view, the bonus scene of the future doesn’t look quite so porky. He said bankers would have to accept lower payouts in the future with the new economic realities presented by the financial crash bringing about a fairer system.