Banks that voluntarily disclose the pay of their top earners could face legal repercussions, according to City lawyers.
Ahead of next month’s bonus round, the government has attempted to curb excessive remuneration in the financial sector by calling on banks to publish the salaries of their highest paid staff.
However, Liz Pierson of law firm Freshfields Bruckhaus Deringer told the Financial Times that institutions could invite lawsuits from senior employees if they agree to ministers’ demands without formal legislation in place.
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