Banks’ £1m Earners Could be Put in Spotlight
The Walker Review of banks has recommended that the UK’s banks should be forced to publicly disclose the number of their employees who earn more than £1m per year. And the government intends to force disclosure for the 2010 performance year. But individuals can put fear of impressing their neighbours aside, workers will not be named. The Review has also recommended that Banks should disclose the number of employees earning 1 million pounds to 2.5 million pounds, 2.5 million pounds …
The Walker Review of banks has recommended that the UK’s banks should be forced to publicly disclose the number of their employees who earn more than £1m per year. And the government intends to force disclosure for the 2010 performance year. But individuals can put fear of impressing their neighbours aside, workers will not be named.
The Review has also recommended that Banks should disclose the number of employees earning 1 million pounds to 2.5 million pounds, 2.5 million pounds to 5 million pounds and more than 5 million pounds in remuneration, including cash, shares and pension contributions reports Bloomberg.
That would mean that U.K. banks face the toughest bonus regime in the world if all of the proposals outlined in the report are accepted, according to its author, Morgan Stanley Senior Adviser David Walker.The proposals include a raft of other measures aimed at reducing risk-taking by banks [and assuaging the anger of the tax-paying public].
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