Senior bankers have been taking it in turns over the past few weeks to don their sackcloth and ashes and ‘fess up to the industry's questionable practices, in particular on pay.

Rich Ricci, the new head of Barclays investment bank after the resignation of his co-head Jerry del Missier over the Libor scandal, told investors that the wholesale review of each of his business lines would use "potential reputational damage" as the first filter.