View more on these topics

Lloyds Banking Group pays 25 staff more than £1m

Lloyds Banking Group paid 25 of its bankers £1m or more in 2012 as its total bonus payouts hit £365m, according to the BBC.

Lloyds-Banking-Group-480.jpg

This month Barclays revealed it has 458 employees receiving more than £1m, while HSBC has 204 and Royal Bank of Scotland has 94 staff.

Lloyds, which is 39 per cent owned by taxpayers, paid 20 of its bankers between £1m and £2m, while five earned between £2m and £3m.

Most bonuses were paid in shares with a £2,000 cap on the maximum cash payment.

Lloyds chief executive Antonio Horta-Osorio took home £1.5m in shares as his annual bonus which he will only sell if the Government sells one-third of its stake above 61p.

He also received a basic salary of £1.1m and long-term incentive of £1.5m, bringing his total remuneration to £3.7m.

Earlier this month, the bank reported losses of £570m and set aside an extra £3.5bn to deal with payment protection insurance misselling claims, bringing its total PPI pot to £6.8bn.

Recommended

Simon-Taylor-MS-blog.jpg

Diversify to accumulate

More and more brokers are beginning to see the value in building a general insurance business for themselves. However, many, though willing, are unsure as to how to begin. The simplest and most obvious starting point is your current customers. Most people like to get all their products in one place – hence why supermarkets […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • Who really cares 27th March 2013 at 4:16 pm

    I can honestly say on behalf of anyone that reads this post and thinks that it’s outrageous ………. who really cares!!

    Does this really affect either one of our pockets in real terms, the answer of course is no so let’s move on and get back to making some money for ourselves instead of moaning about the rich bankers!!

  • British Tax Payer 26th March 2013 at 12:46 pm

    How can a company who is reporting losses of £570m ever justify paying out bonuses of £365m? If is not their basic salary, and the company is operating at a loss, what targets could they have hit to earn such financial reward? I can tell them a way that they could have instantly reduced their losses by £365m to just £205m without even looking at the rest of their finances…