Tyrie calls for clarity on pay

UP TO nine Lloyds bankers earn more than the £3.4m per year paid to chief executive Eric Daniels, it was revealed yesterday by the bank.

The development comes after the chair of the Commons Treasury Select Committee, Andrew Tyrie, demanded more transparency over bank pay.

Tyrie made his call in a letter to the chief executive of the Financial Services Authority Hector Sants, urging him to provide the pay details of any bank executives earning more than £1m at Britain’s six main banks.

The Commons committee’s influential chair also encouraged Sants to aggregate the information provided by each of the banks, rather than provide individual details in a move that could help to address competition concerns.

Tyrie also wants the number of employees who receive more than the highest paid board director to be revealed.