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BonusesFinancial servicesCompensationLatest News

Lloyds staff to share biggest bonus pot in four years

by Jo Faragher 22 Feb 2023
by Jo Faragher 22 Feb 2023 Lloyds Banking Group saw revenue rise but profits remained static
Willy Barton / Shutterstock.com
Lloyds Banking Group saw revenue rise but profits remained static
Willy Barton / Shutterstock.com

Top performing employees at Lloyds Banking Group will share the largest bonus pot in four years.

The company reported a 12% increase in its bonus pool for the 2022 financial year, despite pre-tax profits remaining flat on the previous year.

Lloyds staff bonuses will increase to a pot of £446 million, and the hike is above the peak rate of inflation shown over the year of around 10%. It is the largest sum to be distributed among employees since 2018.

Last year, top performers shared a pool of £399 million.

Lloyds’ profits for 2022 were £6.9 billion, the same as they were in 2021, although it said they doubled in the last three months of the year. Revenue rose by 14% to £18bn over the year.

News of higher bonuses for staff came as chief executive Charlie Nunn warned of a “mortgage shock” this year as customers exit fixed-rate deals and face rising monthly payments.

The company also owns Halifax, Bank of Scotland and Scottish Widows.

Lloyds appointed a new chief people and places officer last year who will look at ways of enhancing flexible working and drive new skills. Sharon Doherty had previously worked at Finastra and Vodafone.

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When Nunn was appointed in 2020 it was announced that he would receive around £5.5 million in annual pay and bonuses, around a fifth less than his predecessor.

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Jo Faragher

Jo Faragher has been an employment and business journalist for 20 years. She regularly contributes to Personnel Today and writes features for a number of national business and membership magazines. Jo is also the author of 'Good Work, Great Technology', published in 2022 by Clink Street Publishing, charting the relationship between effective workplace technology and productive and happy employees. She won the Willis Towers Watson HR journalist of the year award in 2015 and has been highly commended twice.

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