Lloyds Banking Group boss Antonio Horta-Osorio has been awarded a £1.5 million shares bonus while staff will share a £365 million total pot despite further losses in the wake of mammoth provisions for mis-selling claims.
The taxpayer-backed bank remained in the red with pre-tax losses of £570 million in 2012 after setting aside £3.6 billion for compensation relating to the payment protection insurance (PPI) scandal and £400 million for the mis-selling of interest rate swaps to small businesses.
Lloyds said Mr Horta-Osorio's bonus has been deferred for five years and will only be paid out if shares reach and remain at 73.6p for a sustained period, or if the Government is able to sell at least a third of its stake at a profit.
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