Lloyds Banking Group Plc (LLOY), the U.K.’s second-largest government-owned lender, paid 25 employees more than 1 million pounds ($1.52 million) even after posting a third straight full-year loss.
Lloyds paid five bankers more than 2 million pounds, the London-based firm said in a statement today. Its top eight executives received 13.4 million pounds in total compensation, down from about 16.2 million pounds in 2011. Chief Executive Officer Antonio Horta-Osorio’s pay almost doubled to 3.38 million pounds last year, the bank said.
Horta-Osorio’s efforts to return the 39 percent U.K.-owned lender to profitability are being stymied by past regulatory missteps such as the improper selling of loan insurance. The firm has set aside 6.8 billion pounds in redress for payment protection insurance mis-selling and this month posted a net loss of 1.43 billion pounds for 2012.
Barclays Plc (BARC), the U.K.’s second-largest bank by assets, this month said it paid 428 bankers more than 1 million pounds, while HSBC Holdings Plc (HSBA) said it had 204 employers earning that level and Royal Bank of Scotland Group Plc had 95.
Lloyds said it would claw back some of the bonuses awarded to executives in 2010 for their involvement in the inappropriate sale of PPI.
The lender’s bonus pool shrank to 365 million pounds for 2012, down from 375 million pounds a year earlier.
-- Editor: Jon Menon
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