Bankers from Goldman Sachs and UBS who ran the privatisation of the Royal Mail last month have been admonished by lawmakers for "failing" the British taxpayer.

Richard Cormack, co-head of equity capital markets at Goldman Sachs, and James Robertson, a senior UK coverage banker at UBS, appeared before MPs on the House of Commons Business Select Committee today to answer questions on the postal operator's £3.3 billion initial public offering.