At the first hearing of the new parliamentary commission on banking standards, Walker also said that bonuses should not be linked to sales targets as he admitted that standards in the banking industry "had slipped in a grave way".
Walker was appearing before MPs and peers on the new commission, chaired by the Conservative MP Andrew Tyrie, for his 2009 review of corporate governance in banks for Labour rather than in his capacity as chairman of Barclays, a role he begins at the start of November once Marcus Agius departs following the Libor-rigging scandal.
In 2009, Walker called for pay above £1m to be disclosed in bands, without individuals being identified – although he backed down when the coalition came to power. But he told the committee that consideration should now be given to requiring bands of the top "50 to 100" highest paid bankers to be released, in what appeared to be a return to his 2009 recommendation.
"It is very hard for one firm to do that isolation," he said, calling for a "public policy response". "My recommendation would be hard to confine to banks," he added.
With major companies arguing they need to pay staff to compete internationally, he said that "being secretive" would not help win the argument.
But he made clear that he was not opposed to high pay and that the EU's attempt to cap total pay would only lead to higher salaries. "The inappropriate incentivisation is accountable for a lot of what has gone wrong. The problem that has been most serious is not so much levels of remuneration but the gearing of remuneration to revenue," said Walker.
"The preoccupation with short-term revenues in the investment banks has been hugely damaging," he added.
Instead of adopting the Walker proposals, the coalition instead required the top five highest paid executives outside the boardroom to be published, anonymously. In the first year of new rule, for the 2010 financial year, Barclays disclosures showed that five of its top bankers had been handed £110m. The five included Rich Ricci, the current head of the investment bank, and Jerry del Missier, who left following the Libor scandal. They both earned more than chief executive Bob Diamond, who has now left following the £290m fine for Libor rigging.
Disclosure of the top eight outside the boardroom is now required, although the individuals do not need to be identified.
Following the "shareholder spring" and the recent consultation by business secretary Vince Cable on boardroom pay, Walker added: "All FTSE 100 remuneration committees are on notice they are under the spotlight."
Walker has previously raised concerns about free in-credit banking for current account customers – believing that it could encourage misselling of more profitable products – and admitted on Wednesday that no bank would want to be the first mover in introducing changes. He put the emphasis on a body such as the Office of Fair Trading to investigate the matter.
He said that the industry needed to "get away from remuneration tied to revenue performance or sales" following misselling scandals such as payment protection insurance for which the major banks are facing a bill of more than £8bn.
But, a former regulator and banker, also made clear that he did not think that harking back to the past was the right thing to do, citing "clear malpractice" in the early 1980s before new rules were introduced. As well as the focus on commissions, he regarded the new emphasis on quarterly reporting by major companies as detrimental.
He said that during the "go-go" years chasing market share through sales targets was easy to achieve. "All you have to do is forget to price risk into the charges you apply," said Walker. He said that speed was also regarded as more important "rather than old fashioned concerns about integrity".
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