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Lloyds bank boss takes 28% pay cut after annual profits fall

António Horta-Osório’s package down to £4.7m as group hit by £2.5bn PPI charge

António Horta-Osório, formerly Britain’s best-paid banking boss, has taken a 28% cut to his £6.5m pay package as Lloyds Banking Group reported a sharp fall in profits last year.

The group was hit by an additional £2.5bn bill for payment protection insurance, sending pre-tax profit for 2019 down by more than a quarter to £4.4bn. That compared with £6bn a year earlier, but was ahead of the £3bn expected by analysts.

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Source: The Guardian