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