City Minister Says Every Bank Needs A 'Cynical Scot'

City Minister Lord Myners has been at it again.

Speaking before The Future of Banking Commission Thursday, our noble Lord suggested that every bank would be better off if it appointed 'a cynical Scot' to its audit committee.

One banker told Here Is The City, however: 'Not much use having a cynical Scot on the audit committee if you have a stupid Scot running the bank, though, is it ?'.

Finally, The Times reports that Gordon Pell, Royal Bank of Scotland's deputy chief executive, is to walk off with a pension pot of £13.58m, giving him a pension of £582,000-a-year - more even than the 'reduced' pension accepted by former bank CEO Sir Fred Goodwin, which ended up at £342,500-a-year (inflation-linked).

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