Pay ups and downs for top duo

Standard Chartered's chief executive, Peter Sands, right, received a modest pay rise last year to take his package to $8m (£5m), but his counterpart at Credit Suisse, Brady Dougan, saw his pay more than halved to Sfr5.8m (£4m).

Mr Sands' pay package rose 3 per cent as Standard Chartered's profits grew by 11 per cent to $6.8bn.

The bank's annual report reveals that it paid its top 13 executives a total of $92m last year, including $13.4m to Mike Rees, the head of its investment bank. Another un-named banker collected $10.2m.

Credit Suisse's Mr Dougan was paid Sfr12.8m in 2010, but last year the bank's profits fell by more than 60 per cent.