Annual reports published over the past few weeks have, for the first time, disclosed how much firms are paying in bonuses and, crucially, in what form. The main ingredients in these remuneration recipes are the concepts of deferral and “clawback”.

As well as disincentivising excessive risk taking, the rules are expected to make bankers think twice before leaving a company, according to lawyers, as they might lose a future deferred bonus if they change firms before the payment is due.