Lloyds Banking Group to dole out £200m to staff

LLOYDS Banking Group is set to dish out around £200m to staff in its upcoming annual bonus round, it emerged yesterday.

The bonus pool is significantly lower than the pot at Barclays and RBS, due to the fact that most of Lloyds’ 120,000 UK staff work in the retail and commercial bank and earn an average annual bonus of around £1,000 a year. Only 20,000 work in the lucrative wholesale banking arm. Barclays earlier this week handed its investment bank staff £2.7bn in bonuses, while RBS is expected to dole out up to £1.4bn when it announces annual figures next week.

Speculation over Lloyds remuneration comes as it emerged chief executive Eric Daniels will forego a long-term incentive payout equivalent to almost half of his maximum contracted £6.5m bonus for this year.