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Report: Lloyds paid more than 20 staff £1m salaries

Lloyds Banking Group’s chief executive Antonio Horta-Osorio. Credit: PA

Lloyds is set to reignite controversy over bankers' pay with a report revealing it paid more than 20 of its staff £1 million or more last year, The Sunday Times has reported.

The taxpayer-backed lender's annual report, due out this week, will apparently show chief executive Antonio Horta-Osorio was paid £2.5 million last year. It is also expected to disclose details of a new long-term bonus scheme for the Portuguese businessman, the newspaper claimed.

New guidelines enforced by Vince Cable's business department have already seen Barclays reveal it paid 428 staff more than £1 million last year, while there were 204 at HSBC, 95 at Royal Bank of Scotland and 19 at Santander.

Lloyds lost £570 million last year after dealing with costs relating to mis-sold payment protection insurance.

It paid out £365 million in bonuses, but Mr Horta-Osorio's payout is dependent on the Government selling its shares in the bank at a minimum of 61p.