It is not often that bankers are keen to boast about how little they earn. But, as politicians and regulators turn the screw on pay and bonuses, investment banks have been falling over themselves to show how much they can cut what they pay their staff. If only politicians could see beyond their anger, bankers lament, they would realise that the problem they are seeking to fix is already half mended.

So it would be a little awkward - embarrassing even - if it turned out that pay was actually going up for many bankers. But, on the limited evidence so far available, this is precisely what is happening. And far from being embarrassed about it, investment banks should be embracing it as a sign that market forces are finally being allowed to influence pay once more.