First the report then the reaction, and London bankers are really not very happy about Sir David's Walker's plan make pay more public. The FT quotes a raft of anonymous bankers saying the proposals are populist and unnecessarily bureaucratic.
"What purpose does this actually serve?" asked one investment bank's CEO. "It is fundamentally wrong to whip up this hatred of bankers."
The Times has gone for the exodus angle, suggesting such draconian measures will simply make top talent move elsewhere - a theory Walker described as "phooey".
The Tories, meanwhile, actually believe the proposals don't go far enough and say they'll be even tougher on cracking down on bonus payouts.
All this, of course, distracts away from 39 proposals for reforming the banking sector, the majority of which have been welcomed by industry bodies.
Dimon on compensation: "It's just going back to where it was" (Times)
Collins Stewart building US fixed income team(Financial News)
State pays out 11.5m in fees to investment banks (Telegraph)
Is Goldman too risky? (Alphaville)
Walker: a profile (Telegraph)
Fancy joining the RBS board? (Financial News)
Will Citigroup pour cold water on Q2 party? (Forbes)
But Bank of America could return to profit (Financial Times)
Nomura and Barclays could swap Japanese offices (Bloomberg)
Henry Paulson doesn't use e-mail (Alphaville)