The chief executive of Lloyds Banking Group Antonio Horta-Osorio today sold £3.5m of shares in the bank, according to stock market filings.
Horta-Osorio sold 6.75m shares at an aggregate price of 52p, the filing shows.
The value of the shares sold exceeded £3.5m.
Lloyds’ share price fell 2.8 per cent today to 51.3p.
Following the sale Horta-Osorio continues to hold 21.2m shares in the bank.
Horta-Osorio, who is one of the UK’s best-paid chief executives, took home £6.3m last year.
His bumper pay included a pension contribution of 46 per cent of his base salary – compared to a maximum 13 per cent for other employees.
Earlier this year he voluntarily reduced his pension perk to 33 per cent.
In June the Work and Pensions Committee questioned Horta-Osorio over his pension contribution and total fixed compensation of £2.8m.
Committee chair Frank Field asked: “How do you justify your greed?”
Horta-Osorio responded: “It is very difficult to accept the word ‘greed’ when my total fixed compensation is lower than the group chief executive of HSBC.
He added: “My total fixed compensation at £2.8m is absolutely in line with other major bank’s chief executives, but that doesn’t mean we are not mindful of decreasing the pay gap.”
After share awards and other payments are factored in, Horta-Osorio’s take home salary of £6.3m was higher than HSBC boss John Flint’s £4.6m.
On Wednesday, Lloyds posted pre-tax profit of £2.9bn for the first-half, falling short of the analyst consensus of £3.45bn.
The bank’s earnings were hit by a £550m provision for payment protection insurance (PPI) mis-selling compensation in the second quarter.
The bank also agreed to pay Standard Life Aberdeen £140m to settle a dispute over Lloyds’ decision to withdraw £109bn from the fund manager.
Speaking on Wednesday, Horta-Osorio said: “In the first six months we have delivered a robust underlying profit of £4.2bn, in line with prior year, with a statutory profit after tax of £2.2bn, despite an additional PPI charge of £650 million.”