Pubic anger had risen over Lloyds’ awarding of bonuses to its senior officials despite a huge increase in its PPI bill. The bank argues that it has been profitable in the last few quarters and PPI isn’t the centre of Lloyds’ activities. The release of £2m in bonuses deferred from 2012-2013 was awarded to its 10 top officials.
Excluded in the list of officials was CEO Antonio Horta-Osorio. The Lloyds Boss is due £350,000 for this year. Meanwhile, Lloyds Finance Director George Culmer was included in the list.
The FCA recently fined the bank after it failed to address consumer mis sold PPI complaints fairly as some were labelled “complete” despite being unresolved. Lloyds’ fine was the largest in the UK’s history of financial violations with an amount of £117m.
The bank is also due to add £2m more for its PPI bill.
Despite the added bills, Lloyds is primed to sell its stock to the private sector. Currently, Lloyds is 18% taxpayer-owned resulting from a bailout package in the 2008 financial crisis.