Investment bankers and traders who might normally feel aggrieved to find the cash element of their bonus payout capped are taking a more pragmatic approach than in the past, according to pay consultants, with most of them likely to accept the change and be thankful to still have a job.

Barclays Capital said on Friday it would cap the cash element of bonuses at £65,000, while Deutsche Bank will cap cash bonuses at €100,000 and stock awards exercisable this year at €100,000. Morgan Stanley is capping cash bonuses at $125,000.