Many bankers overpaid, RBS chairman admits

Many average bankers are paid well over what they are worth, says RBS chairman Sir Philip Hampton. Speaking on BBC2’s Britain's Banks: Too Big To Save?, Hampton said: "The explosive growth in financial services means that thousands of people, arguably tens of thousands of people, are extraordinarily highly paid."
 
He added: "The star quality, as it were, seems to filter down to people who don't seem so star quality."
 
Hampton was keen to emphasise that investment banking had some high achievers, people "who really do make a difference", but that they were often surrounded by distinctly average people receiving the same pay.
 
Hampton's comments come as prime minister David Cameron and Labour party leader Ed Miliband are in dispute over the government's ability to rein in bankers' pay and bonuses.
 
Read the full report on the BBC. ·