It’s finger pointing time.

The Guardian’s alarming headline — Bankers who don’t deserve bonuses — may have you sputtering, but the talk of a code being bandied about seems to concern traders’ incentive structures rather than bankers’.

The FT reports that global banking organization the Institute of International Finance discussed a number of “what now” issues during their spring meeting in Rio last week, including the issue of compensation.

“Ideas being floated include bonuses being deferred until the full impact of bankers’ strategy is clear to prevent them benefiting from short-term high-risk bets that subsequently turn sour.

Another variant would see those who lost money for their businesses having to earn it back before they secured new bonuses. However, the concept is likely to prove highly controversial, particularly among investment bankers in London and New York.”

Presentations of the meeting are available at the IIF website; meanwhile, Josef Ackermann, chairman of the IIF board and also chairman of Deutsche Bank noted at the conference:

“[W]e are aware that it is necessary to consider ways in which compensation can be best geared to shareholder interests and long-term performance. We look forward to being able to report to you in more detail in each of these areas when our deliberations have reached a more advanced stage.”