Rankings of front-office jobs in investment banking by Emolument, a crowdsourced organisation drawing pay and related data from the industry, drew figures from 493 associates. It found that the JP Morgan total pay package (average salary plus average bonus) was £155,500 ($241,149). This was ahead of Morgan Stanley, where the package totalled an average of £149,000, and Goldmans, at £143,000.

While not directly comparable with the pay scales of private bankers - a business which is, or which is supposed to be, less transactional - the survey may be indicative of broader pay trends and the relative salaries afforded by different groups.

In descending order from fourth were UBS ((£143,000), Credit Suisse ($126,000), Deutsche Bank (£124,000), Citigroup (£117,000), HSBC (£117,000), Barclays (113,000) and finally, in tenth spot, BNP Paribas (£105,000).

“As often, American banks top the chart, with salaries and bonuses above average, JP Morgan leading the way,” Emolument said in its report.

“Large bonuses deeply engrained in US pay culture: continental banks rarely pay bonuses above £30,000 with UBS standing out with bonus payments overtaking Goldmans',” it added.