Lloyds increases bonus pool 10 per cent to nearly £400m
LLOYDS Banking Group is to award £395m in bonuses to staff for 2013, 10 per cent more than it paid out a year earlier.
A Sky News report claims the bank reached an agreement with UK Financial Investments (UKFI) yesterday. UKFI manages the government’s 33 per cent stake in the high-street bank.
The deal, set to be announced tomorrow when the group issues its full-year results, will see £395m paid out to staff and more than £1.5m to chief executive Antonio Horta-Osorio.
Bonuses will only be paid if the bank’s share price remains above 73.6p – the price taxpayers paid to bail it out in 2008 – for six months. They could also be paid if the government chooses to sell more of its shares.
The Treasury last sold shares in Lloyds in September last year, when chancellor George Osborne sold a six per cent stake for £3.2bn. The sale took the government-owned stake to 32.7 per cent and represented a nominal profit.