Lloyds Banking Group pays more than £1m to 25 staff

Lloyds TSB branch
Image caption Lloyds reported a loss of £570m in 2012

Lloyds Banking Group, which is 39% state-owned, paid more than £1m to 25 of its staff last year.

It paid a total of £365m in bonuses for the year, which was down 3% on 2011.

Five of its staff earned between £2m and £3m, while 20 were paid between £1m and £2m.

Among its competitors, Barclays paid more than £1m to 428 bankers, HSBC had 204 earning more than £1m and Royal Bank of Scotland, which is also part state-owned, had 93 earning over £1m.

Lloyds generally pays smaller bonuses as a result of not having a large investment banking division.

Most of the staff earning more than £1m work in its wholesale banking division.

Lloyds reported a loss of £570m for 2012, hit by the £3.6bn it had to set aside to pay customers who were mis-sold payment protection insurance.

Most of the bonuses were paid in shares, with the maximum cash bonus allowed being £2,000.

Lloyds chief executive Antonio Horta-Osorio received an annual bonus of £1.5m in shares, which he will only be allowed to sell if the government sells at least one third of its stake in the bank at a price above 61 pence per share, or if the shares rise above 73.6p for a set period.

On Monday afternoon, Lloyds shares were trading at 48p.

Mr Horta-Osorio's basic salary is £1.1m.

He was also awarded a long-term incentive plan that is expected to be worth about £1.1m.

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