News Column

Profits Double but Lloyds' Staff Rewarded with Insulting Pay Deal

February 13, 2014

LONDON, Feb. 13 -- Unite issued the following news release:

Underlying profits for the Lloyds Banking Group doubled to Pounds6.2 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 Pounds1.7 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."

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Source: Targeted News Service

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