Investment banks need to ensure young people from poor families have the same opportunities as those from affluent backgrounds who are taught the ‘rules of the game’ from an early age, a government report has argued.

Alan Milburn, the former Labour minister now chair of the Social Mobility Commission, said: "Bright working-class kids are being systematically locked out of top jobs in investment banking because they may not attend a small handful of elite universities or understand arcane culture rules."