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Lord Myners: 5,000 bankers earn more than £1m

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At least 5,000 bankers will earn more than £1 million this year, according to the Government's City minister Lord Myners.

 

He called on major shareholding institutions as well as the trade unions to tackle the issue immediately before it was too late. His comments came as it emerged that Royal Bank of Scotland intends to pay out bonuses of well over £1 billion to its workers. Lord Myners' estimate is considerably higher than that given by Sir David Walker, who calculated that over 1,000 City workers were paid more than £1 million a year. Sir David, author of a report into remuneration and corporate governance, said last week that banks should be forced to disclose how many of its staff were paid over £1 million.

 

Lord Myners, speaking in the House of Lords, said there was "precious little evidence" that people at the top of banks appreciated "the concern about these extraordinary levels of income". He said: "I would estimate that at least 5,000 people working in the banking industry in the UK will receive, if nothing is done, remuneration in excess of £1 million this year.

 

More:

 

Lord Myners: 5,000 bankers earn more than £1m - Telegraph


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