The deal, set to be announced tomorrow when the group issues its full-year results, will see £395m paid out to staff and more than £1.5m to chief executive
Bonuses will only be paid if the bank's share price remains above 73.6p - the price taxpayers paid to bail it out in 2008 - for six months. They could also be paid if the government chooses to sell more of its shares.
The Treasury last sold shares in Lloyds in September last year, when chancellor
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