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Bank charges: Lloyds pays over £1m to 25 staff members

Lloyds Banking group paid over £1 million to 25 of its employees in 2012, and more than £2 million to five of its staff.

These staff received the wages in spite of the fact that Lloyds posted losses for the third year in a row. In 2012, these losses were partly as a result of fines that the bank had received.

Almost 40 per cent of Lloyds is owned by the taxpayer after the government had to bail the bank out during the financial crisis.

Until the bank can pay off at least a third of the government’s shares, chief executive Antonio Horta-Osorio will defer his £1.5 million annual bonus that he was set to receive in 2012.

In spite of the fact that Lloyds has managed to pay staff this much, it has announced that it will be making job cuts this year.

Lloyds cut 1,340 jobs in January and in March it said that it would be cutting a further 550 positions.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801562797-ADNFCR

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