Boris Johnson today called for bankers to repay their “debt to society”, but cautioned against “banker bashing” and excessive regulation of the financial sector.

The Mayor of London said that bankers should donate their bonuses to charity to help “repair their esteem in the eyes of the public”.

Speaking to the BBC at the World Economic Forum (WEF) in Davos, Mr Johnson said: “As far as they are guilty, and they are, I would like to see them assuage their consciences and do the right thing by London by giving their bonuses - and it is a disgrace that they are still getting (them) - by giving their bonuses, by giving a share of their salaries to things like the Mayor’s Fund for London, for helping disadvantaged children.

“There has got to be a much bigger and more public sense of duty and commitment on the part of the bankers... I want them to pay their debt to society.”

However, Mr Johnson said: “I do not want to go around banker bashing, I do not want to go around regulating them out of existence, that is absolutely crazy.”

While Mr Johnson conceded that London’s financial sector would be smaller following the recession, he said that banks were still vital to British society and that over-regulation of lenders would be a mistake.

“London is the greatest supermarket for money that has ever existed and we should not throw the baby out with the bath water. No matter how hostile we may feel to bankers now, don’t let us cut off our nose to spite our face."

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