Multi-million-pound signing-on deals and lucrative pay-offs will be forced into the open under proposals revealed yesterday to crack down on banks. The Basel Committee on Banking Supervision, which counts the UK, US and Hong Kong as members, wants to shed light on the secretive hire-and-fire culture in the City and the vast sums of cash given to bankers. To stamp out excessive risk-taking and short-termism, it wants banks to be made to publish the number and size of any guaranteed bonuses or golden hellos promised to new joiners.

Golden parachutes for departing staff must also be disclosed. The Basel proposals go far further than many bank executives had expected and could result in an unprecedented amount of information being disclosed.

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