Lloyds to seize back bonuses from 10 senior bankers

[geminian68]

Decision by Lloyds Banking Group follows £3.2bn losses suffered by bailed-out bank after payouts were awarded

http://www.guardian.co.uk/business/2...senior-bankers

[denphone]

Excellent news.

[Osem]

Jolly good stuff on face value. If bonuses are going to be awarded for performance in the banking sector, I don't see any good reason why they shouldn't be able to be clawed back if that performance turns out to have been rather worse than was at first thought. It's only a pity we can't also claw back some pay and perks from the politicians whose failures and short term political ambitions allowed this to happen.

[Chrysalis]

good news.

Originally Posted by Osem

Jolly good stuff on face value. If bonuses are going to be awarded for performance in the banking sector, I don't see any good reason why they shouldn't be able to be clawed back if that performance turns out to have been rather worse than was at first thought. It's only a pity we can't also claw back some pay and perks from the politicians whose failures and short term political ambitions allowed this to happen.

and what exactly will happen to the money clawed back ? will it go directly back to the treasury to pay of some of the banks debt? i don't think so.

[papa smurf]

is it legal to do this ?
and how do you take back a bonus from someone who no longer works for you?

[Osem]

Originally Posted by martyh

and what exactly will happen to the money clawed back ? will it go directly back to the treasury to pay of some of the banks debt? i don't think so.

As I understand it the 'money' is actually deferred shares and it is the entitlement to those shares of the various directors which will be scaled back. So basically they'll get less shares when the time comes than they would have done. That'll leave more shares in public ownership I'd have thought, with whatever value they have.

---------- Post added at 21:09 ---------- Previous post was at 21:08 ----------

Originally Posted by papa smurf

is it legal to do this ?
and how do you take back a bonus from someone who no longer works for you?

Mainly because the bonus is deferred so hasn't been paid yet. It'd seem there are contractural arrangements by which this can be done.

Originally Posted by papa smurf

is it legal to do this ?
and how do you take back a bonus from someone who no longer works for you?

They are probably relying on the bankers sense of justice and far play to not contest it


Oh dear did i just say that out loud

[papa smurf]

Originally Posted by Osem

As I understand it the 'money' is actually deferred shares and it it the entitlement to those shares of the various directors which will be scaled back. So basically they'll get less shares when the time comes than they would have done.

---------- Post added at 21:09 ---------- Previous post was at 21:08 ----------



Mainly because the bonus is deferred so hasn't been paid yet. It'd seem there are contractural arrangements by which this can be done.

ahh that explains how

[Osem]

Originally Posted by papa smurf

ahh that explains how

Well that's my understanding of the situation.

[papa smurf]

Originally Posted by martyh

They are probably relying on the bankers sense of justice and far play to not contest it


Oh dear did i just say that out loud

that may happen in some alternate universe -but not in this one

Originally Posted by papa smurf

that may happen in some alternate universe -but not in this one

i know ,i don't know what came over me ,better go for a lie down