As the year draws to a close, investment banks are considering ways to implement a European Union-wide cap on bankers’ bonuses in advance of the rules. Although due to come into force in 2015, it will govern how performance in 2014 is rewarded – which means the thinking has already started.

But a lack of clarity is hampering the process, according to pay consultants and lawyers, who say banks are making plans without knowing exactly how they should meet the regulations.