DCSIMG

Huge bonus for bank chief and an average £4.5k for staff

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Lloyds Banking Group chief executive Antonio Horta-Osorio is in line for a potential shares bonus worth £1.7 million for 2013 and staff will share a £395 million payout.

The staff pot - the bank employs around 6,000 in Calderdale - averages out around £4,500 per head.

That will be paid as £2,000 in cash and the rest in shares.

The taxpayer-backed lender said Mr Horta-Osorio’s windfall is deferred for five years and is dependent on performance conditions, while the wider staff bonus pot is 8% higher than the £365 million paid out for 2012.

Details of the bonuses came as Lloyds confirmed it returned to the black in 2013 with bottom line profits of £415 million against losses of £606 million in 2012, and said underlying profits more than doubled to £6.2 billion.

This came despite a soaring bill for mis-selling compensation, which was revealed alongside headline profit figures in a shock update earlier this month.

 

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