Europe’s equity traders cheered plans to cut their working hours, as revealed by Financial News earlier this year. But those efforts are in jeopardy after an influential trade body raised concerns the move would be seen as a ploy by rich bankers to work less.

BVI, which represents Germany’s €3.3tn asset management industry, is yet to decide whether to back the proposals. The support of the Germans is crucial given the size of their financial services industry and because the initiative would require a united front.