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.
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.
RBS chief executive Ross McEwan has said bonuses will remain on a “downwards trajectory”.
Lloyds and RBS declined to comment.