While European and their American wealth distributors concentrate on control, Asia politicians see opportunity to create wealth and jobs.

Most banks raised salaries this year to prepare staff for more fixed compensation, rather than a discretionary bonus. In some cases, for managing directors globally, that meant a salary cap of around $300,000, excluding bonus, compared to the previous $250,000 cap.

Likely to benefit from this in the long run are regions such as Asia, with one investment banking head at a European house predicting that bankers would be gravitating to “the growing emerging markets divisions at U.S. banks, or others not under the European constraints.”

Funny how all those rules made things worse. Here.