Risk jobs in London - Could bonus row magnify problem?

Bankers' bonuses have been a heavy topic of debate in the UK media over recent weeks, but one article has urged caution in getting "bogged down in sterile exchanges".

In comments that may interest those with risk jobs in London, the Financial Times claims: "The outrage will not be quenched by constant, largely synthetic calls for bonuses to be forgone or legislation to curb pay. There is a risk that it will simply be magnified."

It adds that prime minister David Cameron is "right" to say that banks should not be micromanaged by the government and that parliament should not intervene with private industry unless "absolutely" necessary.

The article concludes that one of the surest ways of ending excess pay is for the government to keep reform alive by finding out how the banks feel they can best move away from being "wards" of the state.

In related news, Bob Diamond, the chief executive of Barclays, faces the Commons Treasury Select Committee today (January 11th), where he will face questions on bonuses, among other issues.

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