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Myners threatens bank fees action

Source: The Guardian

Oct 25, 2009

Summary

• Critics argue bank profits show lack of competition
• State-backed Lloyds cash call will pay City £300m

Lord Myners, the City minister, has warned of growing discontent among shareholders and company directors over the high level of fees investment banks charge for their services.

He said if things did not improve, the government would look at further action to tackle the situation.

The disquiet comes as the issue of bonuses for bankers is again stirring controversy, with forecasts that payments to City bankers could top £6bn this winter, a 50% increase on a year earlier. The banks have until the end of this week to give details of how their bonus payments will be structured. Lord Turner, chairman of the Financial Services Authority, warned recently that the City regulator had a range of measures at its disposal to curb excessive payouts.

Lord Myners said the return of big bonuses so soon after a financial crisis that almost crippled the global banking system demonstrated the high profits the banks were once again making.

Some commentators have argued that bonus

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