Banks Should Cut ‘Footballer Pay’, Say U.K. Fund Managers

European and British investment banks should slash pay and cut jobs to redress the balance between employees and shareholders, according to three of the U.K.’s largest institutional investors.

Banks such as Barclays Plc, Deutsche Bank AG, UBS AG and Credit Suisse Group AG, which are among the top 10 investment banks in Europe by revenue, raised base salaries and hired more staff following the 2008 credit crisis even as the shares tumbled and the banks cut or halted dividends. Now, shareholders have had enough.