A world with no bank bonuses? It's not so bad

London

IN the financial world, bonus disappointment is cause for anguish, outrage, and sometimes a job change. Rather than enjoy guides on how to splurge on a foreign bolt-hole, victims are left instead to write pseudonymous columns about how Jeremy Corbyn's views now pervade the corner office.

When even Deutsche Bank AG pays bonuses, it seems unfair not to get what you think you deserve. But what if we lived in a world without bonuses? Think about it: A job with a fixed salary, above current levels, with dollops of long-term incentives paid out over decades. There would be a pension, and corporate perks - and that's it.