No Bonus For Lloyds Employees

There will be no bonuses tendered this year, except those in company stock, according to the Wall Street Journal. This comes as an order from the incoming chairman Win Bischoff.

Sir Win is to receive an annual salary of £700,000 and his task is to help the bank reduce its reliance on the U.K. government, its 43.5% shareholder, and help integrate HBOS PLC, the "troubled bank it agreed to merge with at the height of the financial crisis last year."

According to MySalary.co, The average salary for a UK Investment Banker is around £60,000.

Llyods Lays of 200 More

Lloyds Bank of London has just announced that it will lay off 200 more employees in the near future. This comes after the more than 7,300 previous layoffs this year.

Unions are calling the move "confused", but Lindsay Heasman writes the following:

Lloyds are under regulatory pressure to reduce branches. No way would they reverse the C&G decision without good reason. If they now have a potential buyer they can reduce exposer to mortgage debt as well as offloading branches. How is that confusing?