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Lloyds chief to get £4.6m "golden hello"

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Lloyds Banking Group has awarded new chief executive Antonio Horta-Osorio £4.6m in shares and cash to buy him out of his contract with Santander.

Horta-Osorio, who joined the state-backed lender at the start of March, will receive the “golden hello” on top of an £8m annual package and £900,000 pension, taking his earnings this year to around £13.5m, according to the Financial Times.

His pay is roughly in-line with that of Royal Bank of Scotland chief executive Stephen Hester.

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Readers' comments (2)

  • Its hardly a golden hello if its used to buy him out of his contract now is it. You wouldnt say a footballer had an £85 million golden hello because the club had to buy him out of a contract would you?

    Dont get me wrong, i still think the renumeration package is excessive, but you cant really blame him if he's not going to benefit from it.

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  • Snouts in the trough.

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