The clampdown on bonuses at Lloyds Banking Group and Royal Bank of Scotland could leave the two partly nationalised banks at a competitive disadvantage in recruiting staff, according to pay experts.

Under their agreements with the Treasury, the two banks have promised not to pay discretionary cash bonuses this year to any staff member earning more than £39,000 a year. A handful of top executives at each bank has also agreed to defer all of their bonus payments until 2012.