Lloyds Paid 30 Staff £1m Last Year
The state-backed lender Lloyds Banking Group paid dozens of staff more than a million pounds last year, taking the number of UK-based bankers earning seven-figure sums to more than 750.
I understand that Lloyds will disclose in its annual report next week that roughly 30 of its staff were awarded pay packages of more than £1m.
The figure will be the first time that Lloyds, which is 39% owned by taxpayers, has disclosed the number of millionaires in its ranks.
It threatens to re-ignite anger among critics of banking sector pay after a year in which Lloyds lost more than £500m as it continued to deal with the massive financial penalties associated with mis-selling payment protection insurance (PPI).
The Lloyds millionaires largely work in its corporate and investment banking division, according to insiders.
Among those receiving £1m-plus packages was Antonio Horta-Osorio, the chief executive. His £1.48m bonus will vest depending on either the bank's share price performance or the Government's disposal of part of its shareholding.
In total, Lloyds paid out £375m in bonuses, lower than the other state-backed bank, Royal Bank of Scotland (RBS), which forked out £607m.
RBS, which has a larger investment bank than Lloyds, awarded £1m-plus pay deals to 95 staff, while Barclays handed the sums to 428 employees. The two banks were fined a collective £680m for manipulating the interbank borrowing rate, Libor.
HSBC paid 204 of its staff at least £1m last year, making a total for the big four UK banks - including Lloyds' approximately 30 employees - of 757.
Lloyds declined to comment.
what do you think?
The only way to penalise the banks is to vote with your feet. If everybody closed their accounts with the major banks, opened accounts on-line or with provincial banks, how long do you think the big boys could last, paying out overheads, wages etc?
Disgusting no body worth that much and that includes footballers