Shareholders’ Meeting May Shoot Down Lloyds’ Lucrative Employee Bonuses Despite Large PPI Mis Selling Bill

May 11, 2015
by admin in PPI News

The Annual Lloyds Shareholders’ Meeting is expected not only to discuss certain banking procedures and optimisation prospects, but also its untimely generosity to its senior officials. Lloyds Boss Antonio Horta-Osorio’s £11.5 million bonus would be part of the taxpayer-backed banks’ annual meetings.

Consumer groups complained about Lloyds’ high bonuses being prioritised as the bank faces enormous PPI compensation bills.

Currently at £12 billion, Lloyds may need to pay out £1 billion further by the end of 2015 for PPI according to Credit Rating Agency Standard & Poor’s

Lloyds is also repaying fines for its involvement with Libor and forex rigging scandals along with other UK high street banks Barclays, RBS and Santander.

HSBC and Barclays are expected to stop setting aside compensation for PPI by the end of 2016-2017. Meanwhile, it would be paying hefty fines for its forex rigging.

For HSBC, its questionable Swiss banking activities may further elicit millions of pounds in fines. HSBC plans to move its headquarters to Hong Kong after Finance Minister George Osborne’s higher bank levy.