Tempers flared today between Paul Tucker, the chair of the Systemic Risk Council, and UBS chief executive Sergio Ermotti at the FT Banking Summit in London when discussing the high pay of bankers.

Answering a question from Tucker, who was in the audience, on why banker pay remains high despite banks struggling with their return on equity, Ermotti said staff would go to other parts of industry such as private equity if they could earn more there.