The chair of Lloyds Bank has said the company plans to prioritise its junior staff when reviewing pay packages as employees struggle with the rising cost of living.
At the bank’s annual general meeting on Thursday, Robin Budenberg said: “Our colleagues, especially at a more junior level, are impacted by the rising cost of living and our 2022 pay budget will seek to prioritise spend towards these individuals.
“All awards are determined by the board’s remuneration committee following extremely careful consideration against our policies scorecard.”
He said the £399m that the bank pays in bonuses is lower than many other major UK banks.
“However, we know that as we deliver the next phase of our strategy, it’s vital that we’re able to attract and retain talent, and reward our colleagues appropriately.
“Our bonus awards are directly based on a percentage of our underlying profit.”
Lloyds staff who are members of the union Unite were set to stage a protest outside of the meeting in Edinburgh.