Sky News reports that the bank is finalising plans to announce £340 million in bonuses – roughly in line with last year’s £370 million and well down on the 2008 figure of £1.8 billion, when the bank chalked up a loss of £24 billion.

The bank, which is still 73 per cent state-owned, is expected to announce its ninth year of losses on February 24.

Chief Executive Ross McEwan is still having to sort out legacy issues and around £7 billion has had to be set aside to meet expected fines and settlements.