It is easy to be cynical about bankers’ decisions to waive their bonuses. After all, the tarnished titans of Goldman Sachs, Deutsche Bank, and UBS made enough during the good years not to have to worry too much about forgoing millions for 2008. Their selflessness also has a self-interested side. Voluntary waivers may alleviate political and popular pressure for harsher compulsory restrictions.

But as a signal to the rest of the workforce, these acts are more powerful – and probably more effective – than any heavy-handed, government-mandated embargo on big pay-outs. The question is how long it will take for the message to get through.