| Topic: | Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Do you want fries with that,is all that will be left.... | |
| Posted by: | Sam Hearn | |
| Date/Time: | 30/10/14 12:09:00 |
| Cut and paste from a Guardian report; Horta-Osório pointed to last year's 70% rise in the share price, which allowed the government to sell off part of its stake last September. There are expectations that a further share sale could begin after the annual report is published on 6 March. "We are ready to proceed," he said. "The market, I think, is ready as well. I came to Lloyds three years ago to fix this bank and help taxpayers get their money back." He said he had stabilised the bank after its "quite precarious" position when he took charge, and declared that Lloyds was now "a normal bank". But TUC general secretary Frances O'Grady was unimpressed. "With Lloyds still owing billions to the taxpayer and the amount it has had to set aside for PPI mis-selling rising by a whopping £1.8bn, now is not the time for its chief executive to be taking a multimillion-pound bonus." Unite national officer Rob MacGregor said the payout to the boss – in a year when staff pay rose 2% and after 35,000 roles had been lost since the 2008 bailout – was a "kick in the teeth to the taxpayer". Horta-Osório will receive the £1.7m share bonus only if half of the remaining taxpayer holding is sold or if the share price remains above 73.6p – the breakeven point of the taxpayer bailout – for six months. He will then be required to hold the shares until 2019. A bonus pool of £395m will be shared between 91,000 staff and payouts will average £4,500 per worker. The bank insisted the payout pot had been reduced as a result of the bank's vast bill for compensating customers for mis-selling payment protection insurance – which has now reached nearly £10bn" My prediction for next year is that Horta-Osório will walk on water and divide the Red Sea and Frances O'Grady will accuse him of breaking the fundamentals laws of physics blah, blah, blah ...... |