Top investment bankers across Wall Street and the City of London will see up to 70 per cent of their year-end bonuses paid in shares rather than cash, according to Armstrong International, the executive search firm.

The move will come as a huge disappointment to many bankers, who were already expecting to see bonuses slashed by up to 20 per cent across the board this year as banks struggle to protect their balance sheets following the crisis in the credit markets.