Myners to turn back on City over moral concerns

CITY minister Lord Myners is so disgusted by arrogance and greed in the financial services sector that he will become a theology student rather than return to the City full-time.<br /><br />The minister, who was brought into Gordon Brown&rsquo;s government as part of a series of &ldquo;national service&rdquo; recruitments from the private sector, said there was a &ldquo;troubling absence of clear moral purpose&rdquo; among bankers.<br /><br />In an interview, Myners said he was &ldquo;increasingly&hellip;concerned with the fact that we have compromised our lives&rdquo; and said he feared that his career in finance, which netted him an estimated &pound;30m, had &ldquo;neglected&rdquo; the moral dimension of life.<br /><br />Myners, a Methodist, said he was planning to study comparative theology and refused to rule out becoming a member of the clergy.<br /><br />The City minister was widely blamed for failing to prevent Royal Bank of Scotland from awarding disgraced former chief executive Sir Fred Goodwin a &pound;703,000-a-year pension earlier this year.<br /><br />Earlier this year, Myners warned that &ldquo;the golden days of huge bonuses in the investment banking arms are gone&rdquo; and described rewards for failure in the industry as &ldquo;pretty unpalatable&rdquo;.<br /><br />But investment banks have defied expectations with huge profits in early 2009 and are set to return to large bonuses once more.