Lloyds Banking Group reveals annual profits slump after being hit with £2.5 billion PPI bill

The results come on the back of the company being hit by a £2.5 billion bill for the payment protection insurance (PPI) scandal.

The banking giant reported pre-tax profits of £4.39 billion for 2019, which is down by 26 per cent on 2018.

It said the staff bonus pool was slashed by 33% to £310.1 million for 2019 after the steep profits fall.

The company employs 6,000 staff in Calderdale, and have two major corporate centres in the borough, on Trinity Road in Halifax and in Copley.

The announcement of the results also show chief executive Antonio Horta-Osorio's pay was cut by 28 per cent to £4.73 million for 2019 and outlined plans to reduce his maximum total payout - including controversial pension payments - from this year as part of an executive remuneration overhaul.

The report also revealed that the group did not set aside any further PPI charges in the fourth quarter, after a mammoth £1.8 billion bill in the third quarter amid a rush of claims ahead of the August deadline.