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Lloyds Bank Bosses Pocket Bumper Bonuses After Wave of Branch Closures

A view of the Lloyds TSB bank headquarters in central LondonInternationalIndiaAfricaJames TweedieLloyds was one of several British banks which were bailed out by the government of Gordon Brown during the 2008 ‘Credit Crunch’ — caused by their practice of lending more money than they had to sub-prime mortgage applicants.Bankers at Lloyds will share their largest bonus pot in four years — after closing dozens of high street branches. The commercial banking chain has granted £446 million in pay-outs for 2022, up from £399 million for 2021. That is the biggest bonus pot since 2018,The news came just a month after Lloyds and Halifax, another brand within the group, announced they were closing 40 local branches due to a fall in ‘demand’ for over-the-counter services.The increase also contrasted with a slight fall in profits at Lloyds Banking Group.“Although the macroeconomic outlook remains uncertain, our people, business model and financial strength ensure that we can continue to support our customers,” Lloyds said in a statement.WorldLloyds and Halifax Banks to Close 40 Branches Across UK Over Demand Drop, Reports Say20 January, 14:14 GMTLloyds CEO Charlie Nunn also received a salary and benefits of £3.8 million last year. That was down from the £5.5 million he got in 2021, although that figure included £4.2 million in share options as compensation for selling his stake in Chinese banking giant HSBC on leaving the firm to take over at Lloyds. Lloyds was one of several major British banks bailed out at taxpayer’s expense following the 2008 ‘Credit Crunch’ financial crisis caused by their irresponsible mortgage lending practices.

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