Investment banks have paid their staff nearly three times more in pay and bonuses than they have made in profits for their shareholders over the past five years, according to analysis by Financial News – raising the question over the fair distribution of rewards between employees and owners in the investment banking industry.

A sample of eight of the biggest investment banks and investment banking divisions that publish comparable figures paid out $311bn in compensation and benefits between the beginning of 2006 and the end of the third quarter this year. This "payout multiple" was 2.6 times the $120.4bn they made in pre-tax profits over the same period for their shareholders - who provide the capital for, and shoulder the risk of, the business.