Why are Nordic bankers - and Standard Chartered's Peter Sands - paid so comparatively little? Does Stephen Hester deserve €7.8m? These are the kinds of questions we were left pondering on reading a new report into the governance, remuneration, risk and performance of Europe's top 25 banks.

The report, from banking consultancy Nestor Advisors, makes for interesting reading (and you can access a summary via the link below). It ranks banking groups by their financial performance, which it calculates using return-on-equity and price-to-book-value, and then compares this to how much the chief executive was paid and how he was paid it.