It was then the banker bonuses began their heady climb.

Deregulation allowed commercial banks to expand into stock and bond trading, boosting profits.

Bankers reaped bonuses in line with the huge profits they made.

Those bonuses were then cast as one of the root causes of the 2008 global crisis.

The heart of an incentive system that rewarded greed and risk.

Bonuses shrank as banks adjusted to the post-bailout reality of lower profits.

Many banks changed their pay structure to reward longer-term success.

But regulators want more, specifically, power to claw back cash when risky investments go sour or when there's foul play.

As the EU rolls out the first law limiting payouts, bonuses of more than twice fixed salaries are banned; debate rages over whether regulators should interfere with compensation.

But has banker bashing gone on too long?

Those in the profession argue the caps may just drive base salaries up and leave places like London as disadvantaged to its peers in New York and Tokyo.