25 Lloyds staff were paid over £1m in 2012

Monday 25 March 2013 16.15
20 staff at Lloyds were paid £1-2m, while five were paid £2-3m
20 staff at Lloyds were paid £1-2m, while five were paid £2-3m

Lloyds Banking Group paid 25 staff more than £1 million each last year.

However, the partly-nationalised bank said the total amount of bonuses paid was down 3% on the previous year.

The £365 million it paid in bonuses was the lowest of the big four British lenders, and equates to just under £4,000 per employee.

Lloyds said 20 staff at the bank earned £1-2 million in 2012, with five being paid £2-3 million.

On top of his annual salary of £1.2 million, Lloyds' Chief Executive Antonio Horta-Osorio received an annual bonus of shares worth £1.5 million.

He will only be able to sell the shares if the government disposes of at least a third of its shareholding at a price above 61p, or if Lloyds' share price increases by roughly half to trade at 73.6p or above for a given period of time.

This figure is the price at which the British government will break-even on its shares in the bank following the 2008 bailout of the bank.

Lloyds said it had also awarded Horta-Osorio shares under a long-term incentive plan with an expected value of £1.1 million.

Last year the bank set aside £6.8 billion to compensate customers who had been mis-sold Payment Protection Insurance. While £400 million was earmarked for those wrongly sold complex interest rate-hedging products.

In comparison to other banks, the total amount of bonuses paid by Lloyds is the lowest, with Barclays and HSBC playing hundreds of bankers more than £1 million.

95 staff at Royal Bank of Scotland were handed million pound-plus pay deals.