“Since the financial crisis, shareholders and regulators have taken aim at pay and bonuses. They have identified ill-designed pay packages as a factor in encouraging unnecessary risk-taking by bankers and have pushed for restrictions on future pay to deter such recklessness.”

“Investors in JPMorgan, Citigroup and Bank of America are proposing that senior staff set aside more of their bonus pots for longer — by as much as a decade — as an insurance policy against black holes or as yet undetected bad behaviour. The banks have fought hard, and in vain, to prevent tougher rules being put to a vote at forthcoming annual meetings.”

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Read the full Financial Times Op-ed  here.