Lloyds Bank (LON:LLOY) has announced plans to remove staff bonuses as profits plummeted more than the pandemic.
Despite returning to profits in the third quarter, lenders said Friday that they would have a bonus as their pre-tax profit for the first nine months of the year is 85% lower.
In the most recent quarter, Lloyds’ profits far surpassed the expectations of analysts at £588 million, with profits reaching £1 billion.
In a note seen by the Financial Times, Matt Sinnott told Employes: We’ve returned to profits, but not where we expected to have come to the commitment we made to ourselves and our shareholders. ”
A group spokesman said, “Given the expected level of profitability in 2020, people this year will not be able to pay Group Performance Share (or bonus) awards.”
In November, Lloyds appointed Charlie Nun as the new CEO. Current CEO Antonio Horta Osorio will step down next year, saying in the news: I’m sure he’ll find a time that is as fulfilling and charming as I did.
Nunn said: “Lloyd’s history, exceptional people, and key position in the UK means they are uniquely positioned to define the future of exceptional customer service in UK financial services. Antonio and the team We look forward to building on our work and their commitment to helping the UK flourish.”
Lloyds’ stock (LON:LLOY) is trading 2.03% lower at 35.48 (1407GMT). Over the year, stocks fell from a high of 64.51.
