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October 23, 2012

Lloyds eyes shake-up of banker bonuses

“Lloyds Banking Group is examining whether to ditch the concept of annual bonuses for senior staff and extend the timeframe of longer-term incentives to up to 10 years, according to people briefed on a project to overhaul remuneration.

The idea is being put to investors as Lloyds seeks to avoid the conflict between banks and shareholders over pay and prove to politicians and taxpayers that it is taking a more responsible attitude to the topic. Lloyds is 40 per cent state-owned.

This year pay has been a trigger for rebellion at several banks’ annual meetings – from Citigroup and Credit Suisse to Barclays – as shareholders protest that too large a share of spoils has been paid in staff bonuses instead of dividends.”

Read full FT article here

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