Lloyds chief to get £4.6m “golden hello”

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.