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Bank charges: Lloyds boss may have bonus held back

Lloyds Banking Group chief executive Antonio Horta-Osorio may have his 2012 bonus held back until the government sees the bank making a profit.

Mr Horta-Osorio is due to receive £4.4 million for his bonus but it is expected that this will be held back until shares in the bank are priced above the average that the taxpayer has to pay for them.

Currently, the taxpayer owns over 40 per cent of the bank after the government had to bail it out during the financial crisis in 2008.

One of the reason for Lloyds’ fall in share prices is due to its involvement in the widespread mis-selling of payment protection insurance (PPI), which has seen UK banks set aside over £10 billion in provisions for claims against them.

Lloyds set aside £5.3 billion in provisions to pay for PPI claims, which is the most that any of the UK banks have set aside.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801541902-ADNFCR

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