Bankers pay: Curbing excess

It may look a bit like a case of slamming the door after the horse has bolted. Or even as an example of excessive regulatory intervention. But the City regulator’s move to crack down on compensation structures that encourage excessive risk is still welcome, and legitimate. Heads-I-win-tails-you-lose incentive schemes helped blow the bubble that preceded the crunch. Many traders were able to pocket mega bonuses on the back of short-term trading profits. If those same trades lost billions a few y...