High share price gives Lloyds chief executive a £2.3m bonus

Tim Wallace
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LLOYDS’ chief executive yesterday qualified for his 2012 bonus after the bank’s shares held steady at above the government’s bailout price for 30 consecutive trading days.

Antonio Horta Osorio, pictured, now qualifies for more than 3m shares, worth £2.3m at yesterday’s prices.

However he still has to wait five years to collect the bonus, as an incentive to work in the firm’s long-term interests.

The chief himself asked for the condition to be applied to the payout, and has achieved it after the bank’s stock spent 30 days trading at above 73.6p.

“Antonio’s bonus, which he won’t receive until 2018, reflects the significant turnaround at Lloyds under his leadership – something that has enabled taxpayers to start getting back their money at a profit,” a Lloyds spokesman said.

Horta Osorio has overseen a major turnaround at the bank, pulling out of overseas units and taking the bank from cutting back to increasing lending in the UK.

And in September the government successfully sold a five per cent stake in the bank for £3.2bn, kicking off the privatisation process.

Horta Osorio’s total pay for the year comes in at just over £3.3m, as the bonus comes on top of a £1m salary.