Hundreds of senior investment bankers at HSBC, including those based in London, are to have their their basic pay doubled, according to a Sky News report today, in a move that comes less than two months before new rules governing the payment of bonuses come into force in the UK.

The bank broke the news to employees in London, Hong Kong and New York last week, a source close to the situation told Sky News. The source said senior managers outside global banking and markets would also benefit from the pay rise.