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Bank claim: Lloyds to change bonus system

Lloyds Banking Group says that it will be making changes to its bonus scheme.

The Guardian reported that the bank is aiming to have more of a focus on customer service. To do this, it is getting rid of its annual sales targets that see bankers entitled to a bonus if they meet them.

Instead, bankers will be able to earn bonuses based on customer feedback.

Lloyds Banking Group said earlier this year that banker bonuses would be cut by three per cent due to a £570 million loss before tax in 2012.

Chief executive at the bank, Antonio Horta-Osorio, has had his annual bonus of £1.5 million deferred until 2018.

Part of the reason why the bank experienced losses last year is due to the mis-selling of payment protection insurance (PPI). The bank has had to set aside large provisions to pay consumer claims against PPI.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

The bank could soon see further changes to its bonus system, as the European Union has introduced a cap on banker bonuses.ADNFCR-2776-ID-801559627-ADNFCR

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