Profits double but Lloyds’ staff rewarded with insulti...

Profits double but Lloyds’ staff rewarded with insulting pay deal

13 February 2014

Underlying profits for the Lloyds Banking Group doubled to £6.2 billion in 2013 yet workers in branches, call centres and back offices struggling to turn the bank around have been given an insulting pay deal of just two per cent.

Unite national officer Rob Macgregor said: "Lloyds has slashed over 35,000 jobs since 2008 bringing misery for staff.

"Profits have doubled thanks to ordinary workers doing extraordinary work behind the scenes to turn the bank around, but they have been rewarded with an insulting two per cent pay deal  - the lowest pay deal of the big four banks so far.

"The CEO's £1.7 million bonus, on top of shares worth millions awarded at the end of October is a kick in the teeth to the taxpayer, and to hardworking staff who don't know if they will be next in line for the chop from one day to the next.

"From the financial crisis to PPI mis-selling, workers in call centres and branches are being forced to pay the price for past failures which were not of their making, but those at the top continue to enjoy bumper bonuses with the help of taxpayers’ money."


For more information contact Ciaran Naidoo from Unite on 07768 931 315

Twitter: @unitetheunion, Facebook: unitetheunion1

Notes to editors

• Unite is Britain and Ireland’s largest trade union with over 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey.