The building, on a neighbouring site to Piano's proposed Shard of Glass, has been reduced in height from 88m to 74m and some of its bulk has been shaved.
The proposed 'baby' or 'mini shard' will replace the existing 25-storey New London Bridge House, owned by CLS Holdings, and will have a green roof terrace at the 13th storey, visible from Borough High Street.
According to some sources, Southwark council's planning committee 'regretted the loss' of the more iconic design for the Shard's accompanying building, and some councillors were less than impressed by the new design.
Liberal Democrat councillor James Girling said the replacement design was 'very disappointing' and was an 'uglier' version of the development approved last year.
Final planning consent is subject to the Mayor Ken Livingstone, once all Section 106 agreements have been made.