Their heart is in the right place, no doubt. But what about their actions? Will there even be any action?
Urging bank boards to take the lead on restraining their own payouts, Myners said the culture of City bonuses needed to be reformed in the light of the government support for banks which would otherwise have collapsed a year ago.
"Contemplation of big bonuses in these conditions is nothing short of a market failure," he told an audience of City bankers. Insisting that he was not trying to "bash bankers", he urged the sector to address the bonus issue itself. But, he warned: "We are willing to take action if necessary".
