Lloyds publishes salary details

1 February 2011

British banking giant Lloyds has revealed the details of its highest salaries, revealing that nine members of staff received more than the £3.4 million ($5.45 million) paid to group chief executive Eric Daniels.

Treasury select committee chairman Andrew Tyrie demanded publication of the figures in a letter to Financial Services Authority (FSA) boss Hector Sants in an attempt to ensure bonuses were in line with shareholders' risks.

Pressure is now mounting on the FSA to release further details on banking sector pay to boost transparency, while trade unions reacted angrily to the announcement, criticising the discrepancy between Lloyds' highest and lowest earners.

"These bankers in a publicly-backed institution are earning way beyond what any average person could dream of earning in a lifetime," Unite's Rob MacGregor told the Guardian. "Those at the top are still in denial about their failures."

Last week, members of the Treasury panel told UK Financial Investments chairman Robin Budenberg that publishing details of senior Lloyds bosses' wages would "set an example" to other firms in the financial industry.

By Claire Archer

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