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.
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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