Lloyds Banking Group has warned its 60,000 staff including the chief executive, António Horta-Osório, to expect their first bonus cut in four years after a number of problems at the bank, including a last-ditch surge in payment protection insurance (PPI) claims. Lloyds staff trade unions, including Accord, also notified members of the cut. “The group has made clear that group performance share (bonus)awards in March are likely to be lower than last year,” Accord said in a member newsletter last month. As long as group profit meets a minimum threshold, Lloyds’ bonus pool will be valued at 5.1% of full-year underlying profit. Boss Horta-Osório was paid £6.3m last year, including a £1.2m group performance bonus.

Source: The Guardian January 12, 2020 15:51 UTC