Bankers tend to feel they have been bashed too much since the financial crisis. But in one respect they have not been bashed enough. Financiers have continued to pay themselves breathtaking sums of money even as the returns they deliver to investors have shrivelled.

The Financial Times has examined what has happened since the crisis to the payrolls of 13 global financial institutions – expressed as a proportion of pay plus net profits (including those distributed as dividends). This approach allows you to see how the “cake” has been shared out between employees and shareholders.

What the analysis shows is that the lion’s share has been taken home by the bankers in the form of pay and bonuses, rather than paid out to investors or left in the business to support lending activity. The part represented by payroll has on average gone up from 58 per cent in 2006 to 84 per cent last year. Meanwhile, the share accounted for by dividends has slumped by two-thirds – from 15 per cent to just 5 per cent.