“Bankers and pay experts were quick to react angrily to the EU’s plan to single out banks for bonus caps. But they did not let their anger distract them from immediately looking for ways to get around the rules.

“Top bankers said their human resources departments and lawyers had straightaway started to comb the – so far scant – details of the agreement in the pursuit of ideas on how to circumvent them.

““In the coming weeks, banks will look at the final text and at possibilities to recraft their overall compensation schemes,” said Jon Terry, a remuneration partner at PwC.

“The most obvious move for banks will be to increase base salaries, in a similar fashion as they did in 2009 and 2010 when new rules forced them to defer more of their payouts and when a one-off bonus tax was introduced in the UK.”

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