Belfast Telegraph

Bailed-out Lloyds bank boss may earn £6.2m

Lloyds Banking Group boss Eric Daniels could reap a potential £6.2m in salary and share options for 2010 after the bailed-out bank beefed up its long-term incentive scheme.

The bank — which is 41% taxpayer owned — said in its annual report that it recognised the need for “continued restraint” in remuneration, with salaries remaining frozen at 2008 levels.

But it says it is concerned executive pay could become “uncompetitive” at the bank and is increasing its long-term reward scheme to a maximum of 275% of base salary.

Belfast Telegraph