Myners and Walker clash over City pay

A ROW was brewing last night after City Minister Lord Myners claimed 5,000 bankers will earn more than &pound;1m this year.<br /><br />The figure is five times the estimate given by&nbsp; Sir David Walker, the man tasked by the government to review bankers&rsquo; pay, leaving the pair on a collision course.<br /><br />Myners, speaking in the House of Lords yesterday, said: &ldquo;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 &pound;1m this year.<br /><br />&ldquo;I think the real responsibility here must lie with the shareholders. Accordingly I have written to the National Association of Pension Funds, the CBI and the TUC urging them to use their influence to persuade trustees to ask their fund mangers: &lsquo;What are you doing to stop these quite unreasonable and unjustified levels of remuneration?&rsquo;&rdquo;<br /><br />Sir Walker, author of&nbsp; the government-commissioned Walker Review into remuneration and corporate governance, said last week that banks should be forced to disclose how many of their staff were paid over &pound;1m.<br /><br />His own estimate of the number of people affected was 1,000, and came after close scrutiny of the banking sector.<br /><br />If Myners&rsquo; calculations are correct, at least &pound;5bn will be shared by 5,000 workers.