How investment bankers are rewarded and managed is the real story behind the unfair dismissal case brought by the ex-Schroder female research analyst last week not lap dancing or the other manifestations of laddish behaviour that so titillated the outside world.

Buried away in the engrossing reports of sexism in the City, the employment tribunal actually came up with a far more telling insight into the culture of investment banking. Indeed, the tribunal showed Rousseauesque clarity when it described the bonus structure at Schroder as 'wholly opaque'.