Lloyds Freezes Executive Pay, May Seek New Chairman, Times Says

Lloyds Banking Group Plc (LLOY) has frozen pay for its top 1,000 executives, including Chief Executive Officer Antonio Horta-Osorio, the Sunday Times reported, citing investors it didn’t name.

The bank cut bonuses by at least 10 percent and may discuss a replacement for Chairman Win Bischoff, who turns 71 next year, the newspaper reported. The bank is expected to write off 10 billion pounds ($15.6 billion) of bad debts next year, taking the total since 2008 to 50 billion pounds, the Times said.

Nicole Sharp, a Lloyds spokeswoman in London, declined to comment on the pay freeze or Bischoff’s replacement when contacted by phone today.

To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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