Lloyds gives a bumper £1m to 30 employees

STATE-BACKED lender Lloyds Banking Group is reported to have paid around 30 staff more than £1m pounds last year, even as the bank suffered a loss of £570m.

The millionaire tally from Lloyds, which is 39 per cent taxpayer-owned, will be released in the annual report, according to Sky News.

The payout from Lloyds – largely to corporate and investment bankers – brings the number of UK-based bankers earning seven-figure sums in the last year to more than 750. The bank awarded £375m in bonuses, while the UK’s other state-backed bank, Royal Bank of Scotland, paid out £607m.

RBS handed over more than £1m to 95 staff members last year, while Barclays paid that sum to 428 workers and HSBC to 204 staff.

Other Lloyds workers have not been so lucky. Last week the bank told another 550 staff they would lose their jobs as part of its long-running programme to slim down its workforce. A total of 8,550 have been axed since mid-2011.

Lloyds declined to comment.

The awards are likely to fuel anger over banking sector pay, especially at a time when banks are paying dear for mis-selling payment protection insurance (PPI).