In his proposals to reform UK banks, Sir David Walker's suggestion that 83% of bonus payments should be deferred from 2011 to encourage a long-term risk taking has triggered hollow laughs in the sector.

For one thing, it is unlikely that the government will be brave enough to implement the reform, in the absence of similar reforms in competing financial centres. For another, bonuses were already going out of fashion before Sir David put pen to paper. The pendulum has swung from personal greed to fear.