After 15,000 jobs cut and mis-selling scandlas at bailed out Lloyds Bank, CEO to receive multi-million pound bonus payout next month

29/10/2013 18:13

Source: The Independent
 

The chief executive of taxpayer-backed lender Lloyds Banking Group is on course to seal a multi-million pound bonus payout next month.

Antonio Horta-Osório will pick up a windfall of more than three million shares if Lloyds’ share price remains above 73.6p – the level the Government paid to bail out the bank in 2008 – for at least 30 consecutive days. The shares closed at 80.37p on Friday, ending a third week above the target threshold.

According to reports on Sunday night, the bonus pay-out could be worth more than £2.5m to the 49-year-old, although he would not be able to claim the money until 2018.

Lloyds axed 7,000 staff posts last year after running up losses of around £3.5bn in 2011. It is in the process of shedding another 8,000 staff over the next two years. Britain’s biggest union, Unite, demanded an end to the cuts.

The group has also offloaded part of its business, including wealth manager St James’s Place, to raise funds. Last week, it confirmed it was in talks with Aberdeen Asset Management to sell part of Scottish Widows.

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