Banks' share options cut amid fury at pay

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Directors of UBS, the Swiss giant, will be locked in to equity incentive plans for up to eight years, against the present five years.

The move is a response to criticism that the structure of pay encourage bankers to take risks on deals that don't have long-term value.

Last week's report by Financial Services Authority chairman Lord Turner into the banking crisis asked institutions to "carefully consider their remuneration policies".

UBS also intends to cut cash incentive deals, Financial News reported.

SocGen of France has ditched a plan to give discounted share options to directors, including the chairman and chief executive.