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Association of British Insurers joins clamour against bumper bonuses with stiff letter to five biggest banks

Britain's major banks have been warned in the starkest terms that they need to "significantly" reduce their bonus pools or face conflict with major investors that want to call time on bumper payouts.

In a highly unusual step, an influential group of shareholders accounting for about 15% of the stock market last night wrote to the chairmen of the five biggest banks to make it clear that they would no longer tolerate the "business as usual" culture that has permeated the City since the 2008 banking crisis and want to see pay cuts for executive directors.

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