You are here: Home - Saving & Banking - News -

Lloyds TSB shares out big bonuses with its staff

Written by:

Lloyds TSB, the fifth largest of the big five High Street banks and a major provider of UK current accounts, is sharing a £252m windfall payout from the company’s shares and bonus schemes, it has announced.

The award comes after the UK’s biggest bank announced its 2006 pre-tax profits had climbed 11% to £4.25bn. About £40m-worth of shares are to be awarded, with staff getting 3% of their annual salary in shares up to a maximum of £3,000.

Most of the money, about £165m, will be paid in the form of a performance bonus, although this figure does not include payments for senior executives.

“The numbers are good and Lloyds TSB is performing well, especially the retail side and the provision of UK current accounts” said City analyst Colin Perry, “although issues of size may represent a constraint on its operations.

“Let’s just say it will be very interesting to see what happens in the next year or so with this bank and what it intends to do in the future”

Lloyds TSB deputy group chief executive Mike Fairey said: “The reward package provides a great way for our staff to build up a nest egg, as well as recognising their hard work and commitment, which has resulted in these great figures.”

The bank is also matching £11m-worth of shares bought by employees as part of its Group Shareplan as an additional element of its reward package.




Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Lloyds makes hay in a disaster-free world

The lack of any major natural or man-made disasters in the world last year helped insurance market Lloyds of London to...