Comp disclosure to open pay peep hole

How much are the highest flyers at your bank paid? All could soon be revealed.

News reports suggest banks could soon be forced to declare just how much they pay their most senior traders and dealmakers.

According to an article in this week's Wall Street Letter, the Securities and Exchange Commission's proposed compensation disclosure rules will require banks to disclose just how much they pay not only their executive officers and directors, but a further three of their most highly remunerated employees.

It could make interesting reading. Last December, Financial News said Mark McGoldrick, co-head of proprietary investment at Goldman Sachs, could have been in line for a $40m payout this year, while Robert Cignarella, a debt trader in the bank's asset management division, was apparently on track for $25m to $30m.