Summary
PRIME Minister Gordon Brown's pledge to clamp down on bonuses for state-dominated banks suffered a setback yesterday when it emerged Lloyds Banking Group will hand out generous perks to staff involved in the takeover of Halifax Bank of Scotland.
Hundreds of executives at the banking giant are set to get up to 80 per cent of their annual salaries in a three-year deal. The move will anger the 11,000 staff who have been sacked as a result of the merger and independent shareholders whose investments have been hit by the takeover of the beleaguered HBOS, a merger in which Lloyds TSB chief executive Eric Daniels and HBOS chief Andy Hornby were instrumental.See the full content of this document
Extract
Lloyds Bosses to Pocket Huge Bonuses for Hbos Takeover
The bonuses have been approved by the Treasury's arms-length scrutineer, UK Financial Investments (UKFI). The government yest...
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