A study prepared for an influential shareholder group says rule changes meant to revamp Wall Street's pay culture have been negative, concluding that pay practices at six US banks and securities firms have "worsened" since the financial crisis.

The report, released yesterday and commissioned by the Council of Institutional Investors, which represents about 130 pension funds, contends that financial firms still tie too much of their compensation to short term results and have increased salaries to offset the impact of recent regulatory curbs on pay.