Lloyds TSB staff gain cut of £69m Sharesave fund

About 19,000 staff at Lloyds TSB are set to receive a cut of £69m this week through its Sharesave scheme.

The high street bank said employees would pick up about £8,000 each, and receive windfalls of £340 to more than £17,000, depending on how much they had managed to save.

About 60% of Lloyds TSB staff took advantage of the group’s share scheme, which matured on 1June. The programme runs annually with each employee saving between £5 and £250 from their salary every month.

Lloyds TSB announced last week that it was offshoring about 150 HR administration jobs to India over the next 12 months.

It said it was transferring the roles to outsourcing provider Xansa, a move condemned by the company’s trade union.