Lloyds bankers' bonuses overtake RBS' this year

Helen Cahill
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The government has cut its stake in Lloyds Bank to less than five per cent (Source: Getty)

Lloyds Banking Group’s bonus package will be more generous than RBS’ this year for the first time since the financial crash of 2008.

RBS has set aside £340m for bonuses this year, according to Bloomberg, but Britain’s other bailed-out bank, Lloyds, is planning to share out £390m.

Read more: The government has cut its stake in Lloyds to below five per cent

The bonus plans reflect the differing fortunes of the two banks. Lloyds has returned to profitability, allowing the government to cut its stake to less than five per cent, but RBS is still battling misconduct issues.

Last month, RBS was hit with a multi-billion pound charge for mis-selling mortgage-backed securities in the lead up to the financial crash.

RBS chief executive Ross McEwan has said bonuses will remain on a “downwards trajectory”.

Lloyds and RBS declined to comment.

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