Banks will have to reveal the number of staff taking home more than £1m a year in pay and bonuses, under a government plan to reform how the City operates.
The proposals are part of a Treasury report on corporate governance in the Square Mile, written by Sir David Walker.
However, Walker has resisted calls to lift the veil of secrecy surrounding bankers’ pay by forcing firms to ‘name and shame’ all of their top earners, reports the Daily Mail.
In the future, payouts will also be staggered over a number of years so that banks would be able to withhold rewards from bankers whose deals turn sour.
At least half of any bonus would be in shares and high-flyers will have to wait five years before pocketing awards in full.
Comments are closed.