Lloyds Seeks Pay Boost for 400 Senior Bankers
Lloyds Seeks Pay Boost for 400 Senior BankersReuters

Lloyds Banking Group is aiming to boost the pay of 400 of its senior staff despite the firm still facing a raft of mis-selling scandals, fines, and IT glitches.

According to a report by Sky News, the part-taxpayer owned bank is going to ask shareholders for their approval over having more flexibility to pay staff up to 200% of their salaries in bonuses.

Lloyds is just under 25% owned by the government and its largest investor is the UKFI. It has to get permission from the government before it can start paying shareholders a dividend or changing remuneration details. The last time Lloyds paid a dividend was in 2008.

However, the group has already boosted its annual banker bonus pool by 10% to £395m (€478m, $655m) after the financial more than doubled its underlying profit to £6.2bn.

According to Lloyds' full year financial results, the group's chief executive Antonio Horta-Osorio will receive a £1.7m bonus award in deferred shares for five years, which is also subject to conditions.

His contract entitles him to a maximum annual award of 225% of his £1.061m basic salary.

However, the group still faces a number of mis-selling scandals and a regulator investigations into its IT systems as well as allegations over foreign exchange market manipulation.