JPMorgan asked the Financial Services Authority to review a multi-million pound compensation package being offered to lure one of its star proprietary traders to rival Barclays Capital, the investment banking arm of Barclays.

News that BarCap has offered Todd Edgar, who specialises in trading commodities, and four other members of his team as much as £30m in cash and stock to join the bank will trigger fresh claims that it is back to “business as usual” in the City, less than a year after the near-collapse of the UK banking system.