Live updates

£11.5m bonus for Lloyds Banking Group boss

Lloyds Banking Group boss Antonio Horta-Osorio received a £11.5 million bonus for 2014, the bank has confirmed.

Lloyds Banking Group boss Antonio Horta-Osorio Credit: John Stillwell/PA Archive

His bonus included more than £7 million from a long-term share-based plan linked to the bank's performance for the three years since 2012.

ITV News Business Editor Joel Hills has tweeted the breakdown of bonuses awarded to the bank's executives:

Overall, the bank's annual bonus pool was £369.5 million, 3.6% less than the previous year.


Osborne hails Lloyds profits as 'major milestone'

Chancellor George Osborne has hailed the announcement of £1.8bn profits at Lloyds Banking Group as a "major milestone in the recovery of the British economy", ITV News Business Editor Joel Hills has reported.

Lloyds also confirmed money has been set aside to cover the continuing fallout from the PPI scandal.

Profitable Lloyds to pay first dividend since bailout

Lloyds Banking Group will pay its first dividend to shareholders in six years - since its 2008 bailout - after reporting annual profits of £1.8 billion.

Lloyds Banking Group is 24% owned by the taxpayer. Credit: Stefan Rousseau/PA Wire

The payments to the three million shareholders will total £535 million after the fourfold rise in annual profits.

Lloyds Banking Group's annual profits.
The amount the Treasury will receive as part of the banking group's dividend payment.

Lloyds was rescued after an input of £20 billion taxpayer funds in 2008 at the height of the financial crisis.

The Government's 40% stake has since been reduced to 24%, meaning the Treasury will receive £130 million from the company's 0.75p a share dividend payment.


HSBC bosses reject suggestion they should step down

HSBC chairman Douglas Flint has rejected the suggestion that he and the bank's chief executive Stuart Gulliver should lose their jobs over the current banking scandal.

Asked by MP John Mann at a House of Commons Treasury Committee meeting why he had not sacked Mr Gulliver he said it was because "I think he's doing an excellent job."

HSBC 'did not apply pressure to The Telegraph'

HSBC's chief executive Stuart Gulliver has denied allegations the bank applied pressure to The Telegraph so the newspaper would not publicise the story about the banking scandal.

HSBC's chief executive Stuart Gulliver denied allegations of pressuring The Telegraph

Asked directly if pressure was applied, he said: "No because we realise that actually having a free and vibrant press creates the very body of those publications that supports our advertising and therefore makes them credible for our clients."

The bank did admit though that the newspaper is paid the third biggest chunk of its advertising budget, ITV News' Deputy Political Editor Chris Ship reports:

Bank chief admits problems at HSBC 'a terrible list'

The list of "regulatory problems" at scandal hit bank HSBC make a "terrible list", the bank's chairman has admitted.

Questioned by MPs over a list of problems at the bank which include PPI mis-selling, interest rate derivative mis-selling, Forex manipulation and violation of international sanctions, HSBC chairman Douglas Flint said it had been "humbling" when the bank's issues emerged.

He said: "It is a terrible list ... One of the most humbling things that has happened in my career is a recognition of all the things you did not know, and you go and say "what could I have known or what should I have known?"

"What these instances have illustrated or brought to the fore is that allowing interpretation at 88 countries as it was at the time is the wrong way to go and we should centralise control."

HSBC suffering 'horrible reputation damage'

HSBC are suffering from "horrible reputation damage" the bank's chairman admitted today.

ITV News' Deputy Political Editor Chris Ship has tweeted about the latest developments to emerge from today's House of Commons Treasury Committee meeting:

Load more updates