Michael and Yoël Zaoui, the investment banker brothers, had a pay increase of 50% last year despite profits at the Mayfair-based advisory boutique they run falling by more than half.

According to accounts filed at Companies House, Zaoui & Co’s pre-tax profits for 2018 declined 55% to £2.9m. Revenue at the firm was down 31% to £8.5m.