Lloyds Banking Group staff are happy with the chief executive António Horta-Osório’s £6.3m pay package because they see him as “a winner” with charisma, the chair of the bank’s remuneration committee has told MPs. The bank has also irked some employees with cuts to staff benefits, including putting subsidised mortgages offered to staff under review after March 2020. “Telling MPs that we’re happy with that figure, it’s insulting,” said the claims handler, who is paid about 300 times less than the chief executive. Last year Horta-Osório received fixed pay of £2.9m, including salary and pension, with his package rising to £6.3m once additional share awards and long-term incentives were factored in. The Lloyds chief said that while he was mindful there was more to do, the bank was already taking action to address inequalities and reward staff.

Source: The Guardian June 19, 2019 12:11 UTC