The real problem with last year's bonuses - unless you're at Deutsche, BNP Paribas or RBS

Last year's deferred stock bonuses aren't turning out well.

Most banks' share prices are languishing. Highs were reached in February, but lows have been reached since. Bank stocks are now generally below their levels at the start of the year - which is bad news if you're holding a large amount of restricted stock and couldn't sell it three months ago.

Only at two banks are share prices now substantially higher than in January: Deutsche and BNP.

Worst of all, Nomura's Tokyo listed stock is down 28% since the year began. This makes it fortunate, perhaps, that its staff were only handed their bonuses a few weeks ago: in theory they should have been issued with more stock to compensate.

Percentage change in stock price: Jan 2011-May 18th

Deutsche Bank: + 14%

BNP Paribas: + 12.4%

RBS: + 7.4%

Barclays: + 4.7%

UBS: + 4.2%

JPMorgan: + 3.9%

SocGen: + 1.9%

Morgan Stanley: -0.4%

HSBC: -1.4%

Goldman Sachs: -11.1%

Bank of America: - 11.6%

Citigroup: -12.8%

Nomura: -27.8%