Lloyds bank fat cat gets £11.5million bonus

This 2012 video from Britain is called ARREST WARRANTS & MAJOR BANKS SUED FOR FRAUD.

From daily The Morning Star in Britain:

Lloyds chief awarded ‘insulting’ 11m bonus

Saturday 28th February 2015

TUC brands bank’s decision ‘disgraceful’

LLOYDS faced fury yesterday over its “disgraceful” decision to award its chief executive a multimillion-pound bonus last year.

The bank was rescued after a £20 billion taxpayer bailout in 2008 at the height of the financial crisis leading to it being 40 per cent owned by the government.

But Lloyds disclosed an annual bonus pool of £369.5 million yesterday and said its chief executive Antonio Horta-Osorio received £11.5m for 2014.

This is understood to include more than £7m from a long-term share-based plan linked to the bank’s performance for the three years since 2012.

Lloyds also confirmed it is to pay a dividend to its three million shareholders resulting in payments totalling £535m, as it announced a fourfold rise in annual profits to £1.8bn.

The improved annual profit came despite a £2.2bn hit to cover the mis-selling of payment protection insurance (PPI).

Total PPI costs for the final quarter of 2014 amounted to £700m and took the total set aside for the scandal to more than £12bn.

The bank also incurred £925m in charges over regulatory and conduct-related issues, including its £217m fine for the fixing of the Libor rate.

Attempting to justify the eye-watering bonus handed to its chief executive, Lloyds chairman Lord Blackwell said the business was still “at significant risk” when Mr Horta-Osorio joined the group from Santander in early 2011.

“The group believes that rewards should be strongly linked to successful performance,” he said.

Chancellor George Osborne claimed the payout, which required regulatory approval, was good news for millions of savers who hold Lloyds shares or have money invested in Lloyds through their pensions.

However TUC general secretary Frances O’Grady branded the bonus handed out to Mr Horta-Osorio as disgraceful.

“This £7mbonus will outrage customers and the taxpayers who bailed out the bank,” she said.

“And with the government being the biggest shareholder, voters will want to know why they have not acted to hold back this excess.

“It is as if the banking crisis never happened and it’s 2006 all over again.”

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