The message from Deutsche Bank chief executive John Cryan in January seemed simple enough. After cutting bonuses to the bone last year, 2018's payments at the bank would be back to "normal", and pay rises on the table.

Cryan's comments have helped fuel a renewed sense of optimism over European investment banks' bonuses this year, despite banking analysts warning investors to brace for a bleak fourth quarter reporting season. The bonus pools at both UBS and Credit Suisse are also set for single digit increases, according to reports, reflecting Credit Suisse CEO Tidjane Thiam's earlier comments that employees should "not expect anything spectacular, but something fair".