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| Version 0 | Version 1 |
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| Lloyds to announce staff bonuses | Lloyds to announce staff bonuses |
| (about 2 hours later) | |
| Staff at the majority taxpayer-owned Lloyds Banking Group are due to find out who will receive cash bonuses totalling about £80m ($113m). | Staff at the majority taxpayer-owned Lloyds Banking Group are due to find out who will receive cash bonuses totalling about £80m ($113m). |
| Members of the board have said they will forgo their payments, and the bank stressed that staff who receive bonuses will earn on average £17,000 ($24,000). | Members of the board have said they will forgo their payments, and the bank stressed that staff who receive bonuses will earn on average £17,000 ($24,000). |
| But BBC political correspondent Ian Watson said opposition politicians are likely to question the payments. | But BBC political correspondent Ian Watson said opposition politicians are likely to question the payments. |
| The announcement comes days after the government took a 65% share in Lloyds. | The announcement comes days after the government took a 65% share in Lloyds. |
| This figure - an increase on the previous 43% - was reached after the group had to turn to the Treasury for help following its takeover of HBOS, which recently reported an annual loss of nearly £11bn ($15.5bn). | This figure - an increase on the previous 43% - was reached after the group had to turn to the Treasury for help following its takeover of HBOS, which recently reported an annual loss of nearly £11bn ($15.5bn). |
| Lloyds shares fell 7% in early trading on Monday, the first time they have traded since the announcement of majority ownership by the government. | |
| Average payout | Average payout |
| Lloyds has insisted that executive directors will forgo their bonuses, and other senior staff will have theirs deferred until at least 2010 - with the possibility that these could be clawed back if performance deteriorates. | Lloyds has insisted that executive directors will forgo their bonuses, and other senior staff will have theirs deferred until at least 2010 - with the possibility that these could be clawed back if performance deteriorates. |
| Staff are graded in eight bands, and it is understood that employees within bands five to eight will receive bonuses in cash. | |
| Lloyds said that most of these workers are employed in branches and the average payout would be around £1,000. | |
| The group added that the deal has been approved by UK Financial Investments, which manages the government's stake in financial institutions. | The group added that the deal has been approved by UK Financial Investments, which manages the government's stake in financial institutions. |
| In addition, unions have insisted that staff from the former Lloyds TSB deserve their bonuses as that side of the group remained in profit. | In addition, unions have insisted that staff from the former Lloyds TSB deserve their bonuses as that side of the group remained in profit. |