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Banks fight Chancellor’s plans for bonus disclosure

UK banks are fighting Chancellor George Osborne’s plans to force them to disclose the details of their top traders’ bonuses.

Osborne (pictured) has been trying to devise ways to make City pay more transparent than in other financial centres.

According to a report in the Financial Times, Royal Bank of Scotland and Barclays believe pay disclosure would lead to a “witch-hunt” and could drive some bankers out of Britain.

It says Osborne is working on a compromise deal which would go further than the transparency regimes in New York and Hong Kong.

It is thought the UK’s rules on disclosure would take elements of the regimes in Hong Kong, where banks are forced to reveal, anonymously, the salaries and bonus of their highest paid staff, and New York, where banks are forced to publish the remuneration of their five highest paid executive officers.

The report says negotiations are nearing completion and an agreement is expected next week.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. “Drive some bankers out of Britain” ? !!!

    Where would these pariahs go ? Who would want then given their track records ?

    Anything Osbourne does to drive out as many as possible would be a blessing for the UK.

  2. Isn’t it great how the bankers take billions from the goverment to secure their jobs and mega bonuses, but then stick up two fingers when the goverment ask for information from them!!

    The goverment should have set up agreed remuneration before given the tax payers money.

  3. The Government is a large enough shareholder to win a vote insisting that it has its way on this.

    Frankly, I wouldn’t employ anyone who had got their employer into the mess some of these so-called top bankers have.

    And if the bank ‘phones the Bank of England and tells them to ‘phone the FSA and warn them off, I’d retaliate by telling the bank that one more word about moving abroad and I’d withdraw their permissions immediately.

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