Lloyds’ chief executive should not take his bonus this year

Commenting on Lloyds’ annual report published today (Thursday), in which the bank announced that its chief executive is to take his full bonus – despite the bank barely being back in profit and setting aside another £1.8bn for compensation as a result of its role in the PPI mis-selling scandal – TUC General Secretary Frances O’Grady said:

“With Lloyds still owing billions to the taxpayer and the amount it has had to set aside for PPI mis-selling rising by a whopping £1.8bn, now is not the time for its chief executive to be taking a multi-million pound bonus.

“Top bosses at Lloyds should be focusing more on how the bank can support small businesses, rather than on the state of their own bank balances.”

Earlier this week, the TUC calculated that the financial sector’s post-crash bonus pool of £67.6bn is twice as big as the amount it has paid out in corporation tax over the same period (£32.4bn).

NOTES TO EDITORS:

Sources:  bonus figures www.ons.gov.uk/ons/publications/re-reference-tables.html?edition=tcm%3A77-317190, corporation tax (page 24 of HMRC report) http://www.hmrc.gov.uk/statistics/ct-receipts/corporation-tax-statistics.pdf

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