Stephen Green said he 'quite agreed' that the rewards of £14billion in 2006/07 for London's financial institutions were excessive and contributed to the current 'painful' downturn Britain now faces.
Mr Green himself is said to have earned £1.25million - plus a £1.75 million bonus - last year.
And HSBC's annual report revealed that the five best-paid people at the bank earned total bonuses of £24.5million in 2007.
It is the first time one of the world's leading banking figures has said remuneration in the banking industry was a factor in causing the current financial problems. More...