The biggest banks in the US and Europe have so far set aside a total of $224bn (€149.5bn) for compensation and benefits this year, according to their third quarter results. It leaves them on track to top the $300bn mark for pay and bonuses for the full year, according to research conducted by Financial News.

The combined figure is what 20 of the largest banks in Europe and US, including Morgan Stanley, Citigroup and Goldman Sachs, set aside for compensation and benefits over the first nine months of the year.