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Hundreds of bankers and City traders will have to make their earnings and bonuses public to stamp down on excessive pay packages, under new plans revealed today.
A Treasury review by Sir David Walker, former chairman of Morgan Stanley International, demands more transparency about pay with the aim of opening up the inside workings of banks to the public and shareholders.
Only board members are currently obligated to reveal pay and bonuses, but today's review calls for that to be extended to traders and dealmakers across the Square Mile and Canary Wharf.
More than 200 City executives are expected to be affected by the move. Some of the big names will include Roger Jenkins of Barclays, who is thought to rake in around £40 million a year, Anshu Jain, head of global markets at Deutsche Bank, and Yoel Zaoui, head of European investment banking at Goldman Sachs.
It is hoped that putting high earners' pay under scrutiny will encourage banks to align salaries with long-term plans rather than short-term profits.
