Firm Exec Confirms: Bonuses To Be 'Lowest of Any Bank'

Small Caterpillar

The chairman of Lloyds Banking Group, Sir Winfried Bischoff, has said that employees' bonuses this year will be the 'lowest undoubtedly of any bank'.

BBC News reports that Bischoff appeared before Parliament's banking standards committee alongside chief executive Antonio Horta-Osorio.

The pair also backed the chancellor's call for the break-up of banks that did not implement the ring-fence properly.

They used the question-and-answer session to portray the 40%-state-owned bank as in tune with public opinion.

'We are very conscious of the point,,, that as a taxpayer-owned company we should, perhaps more than others, be very much aware of the public sentiment in relation to (bonuses) and we will be', said Sir Winfried.

Horta-Osorio would not be drawn on whether he himself would receive a bonus this year, saying that it was wrong to speculate on something that had yet to be discussed by the bank's board.

Hit the link below to access the complete BBC News article:

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