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Ian_Griffiths_Halifax

From Mortgage Introducer - Trade Magazine

Lloyds chief promises staff bonuses

Tuesday 21st October 2008



Despite securing a £37 billion bank bailout of taxpayer money by the Government, the chief executive of Lloyds TSB has reassured employees that they face “very, very few restrictions.”

Although Gordon Brown warned that rewarding bankers for irresponsibility was a thing of the past and taxpayer investment shouldn’t contribute to bonuses, it seems that Eric Daniels has other ideas.

"If you think about it, the first restriction was not to pay bonuses. Well Lloyds TSB is in fact going to pay bonuses. I think our staff has done a terrific job this year. There is no reason why we shouldn't," said Daniels.

Gordon Brown, after initially being hailed as an economic saviour, is now coming under fire as share prices continue to slide and the Government’s attempts to control banking institutions and curb reckless behaviour appear to be failing.

Does anybody else feel slightly miffed?

Kez100

Not with Lloyds, No. And the article is wrong. Lloyds never had 37bn. That was the total. Lloyds was very little, in comparison to the others and was to bolster it's capital to a figure the Government laid down as necessary.

I understand (please put me right if I am wrong) that they were always conservative lenders and so not directly of influence to the downturn. However, when lending arkets ceased and the public shifted money around into 50k lots it caused a need to join the Government scheme.

So, I don't see them as a failed bank as such.

If they were to lose their good staff the business might not collect itself together again so fast and we it to so the taxpayer can get it's money back.

I am very much against bonuses of failed institutions and those with whacking great holes in their business model but not those that needed a leg up to keep stable in a market that no one could have predicted.