The City will be forced to publicly reveal the pay and bonuses of hundreds of traders and bank executives under a Treasury-backed plan to be released later today, reports The Guardian.
An interim report by Sir David Walker, former chairman of Morgan Stanley, into the workings of Britain's banks is expected to show that pay, bonuses and pension details should be disclosed for all staff who earn more than the average executive salary. This could affect between 200 and 300 traders and senior executives at most big banks, although the report proposes to preserve the anonymity of individuals by listing remuneration in bands. At present, only the pay of board members has to be disclosed. Full story...
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