Investment bankers and traders putting in 100-hour weeks amid record fee earning are expecting to receive big bonuses for 2020. But for some, the first payslip of the new year is more likely to contain a P45 than a bumper payout.

This bonus season, bank bosses have a particularly delicate balancing act. The annual tradition of culling underperformers to preserve the overall bonus pool will be especially tough after banks made promises to protect jobs. City employment lawyers predict that those who are forced to leave will fight the banks’ decisions, embarking on prolonged and potentially costly cases.