Paul Kavanagh from the investment firm Killik and co. said that new plans to cap bankers' bonuses will "create a very uncompetitive environment for many banks."
Speaking to Daybreak he added: "Not all pay is irresponsible pay."
As part of a financial reform package, ministers will consider a provisional proposal pushed last week by MEPs and backed by the European Commission.
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Some rain in the north. Very warm sunshine in the south
Blind Date and Surprise Surprise star Cilla Black,72, has died, according to reports.
Jericho the lion, who it had been claimed was shot dead yesterday by poachers in Zimbabwe, is "alive and well", conservationists have said.