Pledge to customers and shareholders
Lloyds chairman: ‘pay will reflect performance of the bank’
He told shareholders that total bonus payments last year fell 3.6% despite an improvement in the bank’s trading position.
“We believe our remuneration policy should support the delivery of strong, sustainable grwoth aligned to both customer and shareholder interests,” he said at the meeting in Edinburgh.
“It also means holding back when management have failed,” he said.
Lord Blackwell said 2014 had been “a year of real progress”. The bank intends to pay an interim and final dividend for 2015.
Chief executive Antonio Horta-Osorio (pictured at today’s agm) said the carve out of TSB had cost £2.4 billion and said the bank will seek a further £1bn in savings by 2017.