IMA's Saunders: Banking sector pay 'wildly out of line'

Executive remuneration in the UK financial sector is "wildly out of line" with other parts of the market, according to outgoing IMA chief executive Richard Saunders.

Giving evidence to the Treasury Select Committee this morning, alongside ABI chief Otto Thoresen and NAPF head of corporate governance David Paterson, Saunders discussed executive pay and this year’s ‘shareholder spring’ which has seen investors revolt against excessive remuneration. Commenting on banker pay, Saunders (pictured) said: “Expectations about earnings within the financial sector are wildly out of line with most other sectors of the economy - and that is a cultural issue." Paterson added: “Remuneration in banks has fallen over the last four years, reflecting the fact profit...