Investment banks are working closely with tax lawyers, accountants and remuneration consultants on ways to minimise the impact of new rules on bonuses that are expected to be published next month, in a bid to keep their most senior bankers and traders happy while satisfying the demands of regulators.

The industry is working frantically to put strategies in place ahead of publication of new rules on remuneration by the Committee of European Banking Supervisors in the second week of December. The Financial Services Authority will publish its own rules a few days after.