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| Lloyds Banking Group pays more than £1m to 25 staff | Lloyds Banking Group pays more than £1m to 25 staff |
| (35 minutes later) | |
| Lloyds Banking Group, which is 40% owned by taxpayers, paid more than £1m to 25 of its staff last year. | Lloyds Banking Group, which is 40% owned by taxpayers, paid more than £1m to 25 of its staff last year. |
| It paid a total of £365m in bonuses for the year, which was down 3% on 2011. | It paid a total of £365m in bonuses for the year, which was down 3% on 2011. |
| Five of its staff earned between £2m and £3m while the other 20 were paid between £1m and £2m. | Five of its staff earned between £2m and £3m while the other 20 were paid between £1m and £2m. |
| Among its competitors, Barclays paid more than £1m to 428 bankers, HSBC had 204 earning more than £1m and Royal Bank of Scotland, which is also part state-owned, had 93 earning over £1m. | Among its competitors, Barclays paid more than £1m to 428 bankers, HSBC had 204 earning more than £1m and Royal Bank of Scotland, which is also part state-owned, had 93 earning over £1m. |
| Lloyds generally pays smaller bonuses as a result of not having a large investment banking division. | |
| Most of the million-plus earners work in its small wholesale banking division. | |
| Lloyds reported a loss of £570m for 2012, hit by the £3.6bn it had to set aside to pay customers who were mis-sold payment protection insurance. | Lloyds reported a loss of £570m for 2012, hit by the £3.6bn it had to set aside to pay customers who were mis-sold payment protection insurance. |
| Most of the bonuses were paid in shares, with the maximum cash bonus allowed being £2,000. | Most of the bonuses were paid in shares, with the maximum cash bonus allowed being £2,000. |
| Lloyds chief executive Antonio Horta-Osorio received an annual bonus of £1.5m in shares, which he will only be allowed to sell if the government sells at least one third of its stake in the bank at a price above 61 pence per share, or if the shares rise above 73.6p for a set period. | |
| On Monday afternoon, Lloyds shares were trading at 48p. | |
| Mr Horta-Osorio's basic salary is £1.2m. He was also awarded a long-term incentive plan that was expected to be worth about £1.1m. |