JPMorgan and Morgan Stanley are among a host of banks to pause dealings with the Confederation of British Industry, as City firms join a flurry of companies looking to distance themselves from the scandal-hit lobby group.

The banks have paused activities with the CBI, according to people familiar with the matter, while HSBC, Barclays and Lloyds Banking Group have also distanced themselves from the lobby group, the Financial Times reported. NatWest has quit the CBI.