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Osborne set to meet bankers

BANKING  bosses will meet with George Osborne and Boris Johnson this morning to discuss the Tories’ plans for their industry, City A.M. has learnt.

City A.M. understands that those in attendance will include Barclays chairman Marcus Agius, president of Bank of America Merrill Lynch Europe Jonathan Moulds, and vice-chairman of Goldman Sachs Michael Sherwood. Executives from JP Morgan and Citigroup are also expected to attend.

The bank bosses are expected to tell the shadow chancellor that they are worried by the Conservative Party’s anti-City rhetoric, and plans to overhaul regulation of the industry.

The meeting comes hot-on-the-heels of a letter sent yesterday by Johnson to banking bosses, urging them to stop paying “excessive” bonuses. In the letter, seen by this newspaper, Johnson writes that he is “shocked and baffled” by the banks’ failure to scale down bonuses in the face of public anger.

He continues: “In order for me and other political leaders across the world to champion and support successful financial services, it is crucial that the sector itself demonstrates much stronger leadership.

“Collectively, financial services firms must take much greater account of public opinion and set justifiable remuneration packages accordingly, in the light of the unprecedented support given by governments around the world to the financial system.”