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◆ Why you got paid what you got paid

◆ Insider reveals what really goes on when bonuses are allocated 

◆ HSBC winds down M&A and ECM

We lift the lid on how bonuses are allocated in investment banking from the top table to the lowliest analyst. 

Our columnist, Craig Coben, who spent many years as a senior equities banker at Merrill Lynch and then Bank of America, has been through the bonus cycle many times and reveals just what goes into someone's number and the bank's true motivation and aims in paying out. 

Meanwhile, HSBC shocked many this week by revealing it will shutter much of its M&A and equity capital markets business. Our Southpaw columnist, David Rothnie joins us as we discuss why the bank is doing this and whether it is a step in the right direction.