The average pay increase for staff this year will be 2%. Antonio Horta-Osorio, the Group Chief Executive of Lloyds Banking Group, will get a whopping 8% pay increase bringing his basic salary up to £1,220 million.
As part of a two-year pay deal, the Group Chief Executive of Lloyds Banking Group, who is currently hobnobbing with world leaders and Shakira at the World Economic Forum in Davos, described by one wag as: “the place where the people who spend all year causing all our problems take a few days pretending to try and fix them”, got a 6% pay increase last year and is set to get an 8% pay increase in 2017. Following agreement by the Bank’s Remuneration Committee, the GCE’s basic salary will have increased from £1,061,000 to £1,220,00, or 14%, in the space of two years. And I’m not going to mention his two pensions!